The crypto market may have encountered a certain influx of users because of genuinely focused campaigns led by the market players. The market has encountered some unusual players entering the market. One of such is the presentation of institutional trading of cryptocurrencies.
Although these developments in the market have led many new people entering the market to acquire some cryptocurrencies, yet the significant Bitcoin adoption relating to the total financial market size is comparably small with just a handful of people owning the Bitcoins as compared to the massive market population.
As of now, Bitcoin has just about 3 million active users. It doesn’t look good at all to anyone looking forward to the future of Bitcoin as a widely used means of payment.
Undoubtedly, Bitcoin had encountered some market upsets since its advent into the financial market back in 2009. Since that point of time, the leading blockchain network has experienced some serious improvements. One of such very notable enhancements is The Lightning Network that has significantly improved the network’s reliability and efficiency as a payment gateway.
Apart from that, good support from the major players in the industry which have recognised Bitcoin as a valid payment system on their platforms has contributed to the crypto’s ever-growing prevalence and market dominance.
Since Bitcoin shed off nearly 70% of its previous market value in the last few weeks, it has caused some serious concerns among some market players. The Bitcoin market is currently trapped between the bulls and bears. But it doesn’t have anything to do with the downfall of Bitcoin. The market just needs a little push regarding more public adoption and acceptability.
If there happens to be a massive Bitcoin adoption, then it could be another boost for the crypto market. One more strong supportive factor in this regard is that Bitcoin can be separated into smaller denominations known as Satoshis. When all the Bitcoin blocks are mined, there would be an aggregate of 2.1 quadrillion Satoshis available for use.