It has been a long time I didn't make a post regarding cryptocurrencies. Though I was busy with my own work, but one of the obvious reasons for this is because cryptos were still undergoing through a consolidation phase which arised due to the last pump and dump of 6K to 20K and back from 20K to 6K and then, to 3.5K.
There were many things which have happened in the crypto space which I am unable to keep a track of all of them. But most of them are positive, but not as much positive as to move the crypto market.
Now, there is some momentum being seen in the market. But nothing can be said until the strong resistance levels are broken like 10K,15K and 20K. But we may expect a bullish market if this time it crosses 10K quickly. If the momentum will slow down, then it can retrace back to 4K or below again. The most important thing is the short term momentum or volatility which was the nature of crypto, but it was almost dull or dead after the last pump and dump and was remaining flat for many months after that event.
But one thing for sure is cryptos and BTC are not going to die and they are here to stay. Most importantly cryptos are the future of money and all fiat currencies will be redundant within a matter of next few years. One of the example of such rapid growth will be by usage and adoption of stable coins.
I expect the stable coins to be popular in near future and hence, those people who are interested in cryptos should keep a eye on those. Currently, in my knowledge very few stable coins are there like USDT or USDC etc.
But I expect most of the fiat currencies will be rapdily replaced by stable coins like USD coin, EUR coin, GBP coin simply because you don't need to have a bank account to store and send those cryptos and there are no limit on the volume of transactions. You can send 1 Million or even 1 Billion USD coins from your mobile device to another mobile device from one part of the world to another part of the world.
But try to do the same using a bank account using wire transfer, then you will understand what I am taking that it is almost impossible to do such things using regular fiat currencies using wire transfers and banks etc. So I guess stable coins will give a doorway to make the cryptos to be popular soon and then, Bitcoin I guess will remain as king of cryptos followed by Etherium.
Another reason for the usage of cryptos instead of fiat is that you can program your crypto currency using smart contracts for commercial usage to automate entire companies which is not possible using fiat currencies.
Happy trading cryptos!!!
Artificial General Intelligence