The crypto market is quickly recovering after having gone through some difficult months following an incredible run back in May. Now that the worst has passed, there are many reasons to stay bullish on crypto.
Major Growth Potential
While cryptocurrencies are commonly talked about in mainstream media, the truth is that most cryptocurrencies are more than just digital money competing with Fiat.
Unlike traditional money, they not only reflect the growth of the blockchain ecosystem backing them up, but also provide governance over them in a way similar to stock, as well as providing a variety of features, securities, and currency Fiat just can’t deliver.
Big Updates are Coming to Major Networks
Some of the industry’s biggest projects are due for an update in the near future, with Cardano, Polkadot, and Solana being some of them. These upgrades, which are due this year, are expected to increase adoption.
Ethereum, the second-largest blockchain network, has recently implemented the “London Hard Fork” which already had a positive impact on its coin. Now, its team is working on Ethereum 2.0, a major upgrade to the network.
Environmental Concerns are Being Addressed
One of the major pains for the crypto industry in the past months has been concerns about the environmental impact of mining. With Ethereum transitioning to a proof-of-stake consensus and groups like the Bitcoin Mining Council being formed, sustainable crypto mining seems to be a close reality.
NFT’s Popularity is Soaring
Non-Fungible Tokens have become an integral part of pop culture over the past years as celebrities and organizations start joining the ecosystem. Some of the last NFT collections to be launched were announced by Marvel Comics and Fortune magazine, with British auction house Christie’s also showing an increasing interest in the technology.
Regulators Seem to be Supportive of Crypto
Despite failing a last-minute attempt to amend the Infrastructure Bill introduced in the U.S. Senate, the cryptocurrency industry received major support from U.S. lawmakers. With only one Senator opposing the amendment, which was enough to kill it, it seems the U.S. Senate is aware of the importance of the growing crypto industry. ■