Since the launch of Bitcoin in 2009, the digital currency has often been declared dead. To date, both the technology and the price have evolved so that prices are currently showing a sharp drop, but this is not a sign that crypto currencies are at their end.
Not to be denied is the strong slide of up to 75% since the bull run last year in December. Bitcoin’s price currently stands at just under €4,000 and has thus risen dizzyingly quickly for almost 9 years. However, many investors only entered the market in the midst of the rapid rise in prices or somewhat later. This leads to strong frustration among investors who hoped that Bitcoin and other Altcoin prices would rise at the same pace.
The adaptation as well as the development of many projects has progressed strongly, independent of the prices. The CEO of the crypto exchange Binance reminds with a tweet that the progress starts faster and faster and that the targets of many roadmaps are met, no matter if the price of Bitcoin or other Altcoins increases or decreases.
Despite the rough seas out there, builders are building. New releases on GitHub today from:
(This is more than the usual we see from GitHub). Kudos!
– CZ Binance (@cz_binance) November 21, 2018
Furthermore the capacity of the Lightning network has increased by more than 300% within the last 30 days. This technology is based on so-called “Payment Channels”. These payment channels are used to execute payments outside the Bitcoin blockchain (“off-chain”) in order to keep the load on the network to a minimum, since the transactions do not have to be validated immediately by the miners.
In the past 30 days, Lightning Network capacity has increased almost 300%.
Learn about Lightning Network on #Binance Academy.https://t.co/crVHwGjOe4
– Binance Academy (@BinanceAcademy) 22 November 2018
The current developments on the market should by no means be interpreted as the end of the crypto market, as it is described in some large media. Many important events that could point the way for cryptospace are still to come. This includes the launch of the Börse Bakkt or the approval of a Bitcoin ETF by the SEC. The launch of the Bitcoin futures on Bakkt was postponed until January 2019 – many SEC decisions regarding some ETF applications were also postponed.
Severely strong fluctuations in the price have always been there, but Bitcoin has always got up again to start again. The spread of crypto currencies is increasing daily regardless of the current price development. A final statement by a crypto journalist illustrates this development.
I’m at a crypto event with reps from the Bank of England, HM Treasury, FCA, Ripple, and Prime Factor Capital. You think crypto is going away? These people are discussing how to implement it now. #crypto #bitcoin @ripple @bankofengland @TheFCA @hmtreasury
– Tim Copeland (@Timccopeland) November 20, 2018