As a member of the crypto community, it is very challenging for you to hear that crypto is dying or will be dead in 2024. You are going through the rollercoaster of emotions that crypto market cycles bring with them. According to the statistical estimation, the downfall of Bitcoin was 80% from its all-time high in 2021.

So, in this article, we will go through the state of cryptocurrency to know whether the news of cryptocurrency’s death is real or just a market FUD (fear, uncertainty, doubt).

Downfall of crypto

Today, the market of cryptocurrency 

We must look at the snapshot of the crypto market currently in 2023 to understand its present state. Crypto has collapsed since the partial victory of Ripple in a lawsuit against the SEC is over. Moreover, there is a decrease in venture capital funding to web3 by 76% in 2023 as compared to previous years.

NFTs have also suffered with the drop of prices in many popular NFT collections like the collection of  BAYC ( Bored Ape Yacht Club) NFT by Yuga Labs has fallen to 27.4 ETH, which is its lowest point since the ninth month of 2021 (Coin Desk).

As reported by Cointelegraph Research, there was a decrease of 16.5% in the trading volume of decentralized exchange in July. So, as we are suffering from this depressing condition of the cryptocurrency era, we can find an honest answer only by zooming out on the picture of the crypto industry. 

Rising crypto adoption

While the market of crypto is in a slump, it’s essential to zoom out and recognize whether the system is dying or not. Here are some ways to consider the current state of the crypto market.

Expanding users base

The number of crypto users is increasing day by day. As of 2023, there are 420 million crypto users worldwide. This is due to the increased availability of crypto wallets and exchanges, the growing number of businesses using crypto payments, and rising awareness about the worth of crypto and web3.

Impressive market capitalization

The market capitalization of the cryptocurrency world crossed $1.3 trillion in July 2023, a testament to the rising adoption of crypto by investors and institutions worldwide.

Diverse ecosystem

The number of cryptocurrencies that exist in this world is over 22,000 compared to the list of 15 declared in 2015.

Increase in the active wallet

There are over 17 million wallets as compared to 5 million in 2023.

Rapid transaction growth 

Three years ago, the number of transactions was 36 million, and now it has risen to 900 million.

High market demand

There is a projection that the global blockchain technology market will surpass $469.50 billion in the year 2023

Dominance of Ethereum and Bitcoin

Ethereum dominates 16% of the capitalization of the crypto market, while bitcoin dominance stands strong at 51% in market capitalization in August 2023.

Growing crypto accessibility

 A large number of merchants have accepted crypto payments, and this has signified the growing accessibility of digital assets. Moreover, the number of crypto ATMs in the world has reached 32,177.

As the statistical estimation shows, crypto adoption is continuously rising, and the blockchain industry is evolving day by day. There is also a point that bitcoin has already been declared dead many times. This is the nature of revolution and innovation.

Challenges to cryptocurrency 

Undoubtedly, the industry of cryptocurrency is facing many challenges, from security concerns and regulatory uncertainties to market volatility. However, the future of crypto is looking bright due to the overall positive trend.

Future goals of crypto  

Crypto is going to welcome a promising future with significant and worthwhile events like Bitcoin halving in the 4th month of 2024. This will increase the attention of adoption by many companies as well as institutional investors.

Conclusion 

Due to the retracements of price, sense of unease, and decreased trading volumes, it’s important to understand that this is a cyclic aspect of the crypto market.

So, we can confidently say that crypto is not dead; it’s just in the process of evolving. To survive in the ever-changing world of crypto web3 and blockchain, stay in touch with the newly discovered knowledge and technologies.