The user base of cryptocurrency swells despite the collapse of the market: research of the University of Cambridge

In recent weeks, the prices of cryptocurrencies are in a different mood. As prices are believed to have reached the floor, the price breaks support levels and sinks deeper. While the bears seem to be in charge of the market, there are some fundamental positive news for cryptocurrencies. According to the latest report presented by the University of Cambridge, the user base of cryptocurrencies doubled even with the dissolution of the markets.

The research also shows an increase in the number of cryptocurrency accounts

According to the latest research presented by the Cambridge Center for Alternative Finance. The number of verified users of cryptocurrencies nearly doubled in the first three quarters of the year, although the market recorded a drop in Bitcoin of almost 80%. Users have gone from 18 to 35 million this year.

These figures would certainly have welcomed long-term Cryptocurrency investors because this could mean that cryptocurrencies are basically strengthening and even prices will eventually show growth. This could also silence critics who made predictions that the value of cryptocurrencies could go to zero.

"By complying with popular narratives, survey data indicate that most users, both established and new, are individuals and not business customers," the study authors said. "Individuals can be passionate, retail investors, consumers or users looking for a better investment or payment alternative."

Even the number of crypto accounts has increased, the study found.

The report also stated

"The growth rates peaked in 2017 and the number of new user accounts, as well as users verified by ID, continued to grow rapidly even in 2018",

Although cryptocurrencies have slowly developed, most users appear to be speculators and traders compared to actual users as cryptocurrencies are barely used in commerce due to their extreme volatility.

The case number also includes people who grab criptos instead of legal currencies because their sovereign currencies are depreciating.

The case of cryptocurrencies is increasing for sure while people are slowly understanding its benefits. It will continue to grow now this is the question to which not many are able to respond.

Will the criptos soon become part of the mainstream commerce? Let us know your opinions on the same

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.

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