4 Signs That Crypto Adoption Is Rising Again
In the recent past, the crypto market has experienced several black swan events, such as the collapse of Terra Luna and FTX’s bankruptcy, which led to a bear market. However, there are indications that the crypto market is on the path to recovery. Here are four signs that crypto adoption is increasing:
Sign #1 – An Increase in Activity on Ethereum and Its Layer 2 Projects
Ethereum and its Layer 2 (L2) projects serve as a gauge for crypto adoption. The activity on Ethereum and its L2s has been steadily increasing since October 2020, indicating greater participation from people and investors in on-chain activities.
Sign #2 – Total Stablecoin Market Cap Activity
The stablecoin market cap has seen a decrease in the past three months. However, this decline has recently halted and stabilized. This could be a sign that the demand for stablecoins, which are used to buy crypto, is no longer falling, potentially leading to a bullish reversal.
Sign #3 – Ethereum Earns USD$10 Billion in Revenue
Ethereum has achieved over USD$10 billion in revenue since its inception in 2015. This rapid growth compared to industry giants like Microsoft and Meta indicates increasing consumer demand for Ethereum’s products, suggesting potential growth in demand for $ETH and crypto.
Sign #4 – Liquid Staking on Ethereum Achieves All-Time Highs
Liquid staking protocols have experienced significant growth within the Ethereum ecosystem. The TVL within these protocols has increased by 200%, reaching $20 billion. This demonstrates significant interest in Ethereum and its projects.
Closing Thoughts
Despite the negative sentiment in the crypto space, there are real products with actual demand being developed. This presents an opportunity to invest in altcoin gems at low prices. It’s important to stay informed and take advantage of these opportunities. To learn more about potential altcoin gems, you can check out our Alpha group here.
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