(Source: https://www.coindesk.com/price/)
It has been a roller coaster week for crypto market with a rather downward spiral accompanied with several recovery spikes. Cryptocurrencies had grown at a dedicated pace during last three to four years with a drastic growth witnessed in 2017. The first three quarters saw astonishing growth rate for the market and introduction of several alt coins in later part of the year diversified it into several business areas. While it looks like a downward spiral but the necessary measures are being taken to regulate and streamline the market for businesses. Experts considered it as a bubble and it was time things got back into place for business resumed at normal pace.
Close observation of the trend reveals that cryptocurrencies are being humbled by regulation imposed on business. Raising money through coin market for new ventures requires them to have a stable future and share positive sentiment with the market. Exponential growth rate nullified market confidence for cryptocurrencies. While bitcoin started as a decentralized secure transaction using blockchain, it seems blockchain has emerged from shadow of cryptocurrency. Market is showing confidence on the driving technology, rather than on medium for which it is being used. Governments are using blockchain technology to replace fiat money and for enhancing security of financial institutions.
We will look back on this as a bump in the road of which there will be many
Grace period is over and now is the real testing time