The market on cryptocurrency has become huge over the course of the past year or so, with many investors coming into the space at quite an alarming rate. The market cap of all cryptocurrencies has managed to represent a more than 3,300% gain overall which is staggeringly more than any other market currently. The biggest question that many continue to ask is why do these currencies continue to make these incredible returns?
This question has a large series of answers but there are some that are more true than others. One of the biggest reasons that the market has grown so much has to do with the technology behind it. The technology known as blockchain is quite a breakthrough for many markets and the internet. The ability to have a decentralized network that works based on the individual. This system has become a breakthrough in the financial world along with the market of online business.
According to a report on the subject “blockchain may offer the ability to significantly speed up the rate at which transactions settle. Traditional banks can take days to verify a cross-border payment, and they’re only open during “normal” business hours. Meanwhile, transactions are being verified over blockchain 24 hours a day, seven days a week, which may lead to transactions being settled instantly, or at the very least substantially quicker than under the current payment system.” The technology surrounding cryptocurrency has become the largest reason that many are getting into the space. Many investors believe that the market on cryptocurrency could potentially become the biggest financial market in the coming years. The hopes are high that this market can continue its exponential growth and remain at the center of what could become an even larger breakthrough for the world financial market.