https://twitter.com/cryptomanran/status/1058778091806515200
Trade volume on major crypto exchanges absolutely collapsed between September and October. In the worst case volume dropped 56%, and several of them have dropped over 40%. Crypto trading and technical analysis is one of the most popular topics on Steemit, and our userbase has a strong bias towards crypto people.
If interest in crypto trading has fallen off a cliff, and if that's a major reason for reading steemit.com, it would make sense that we would lose so much traffic at the same time as exchanges are losing trade volume.
As I see it, up to now crypto has only been about speculation and greed. The stalling of the ETH ico madness made many question the trust in the whole thing but the underlying technology is still strong. When this gets more use cases and people can't avoid but use blockchain the markets will start up again. I look on this time as a sober moment after the lack of due diligence.
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Have we passed peak crypto? I think it still has a lot to give, but we have to get past the bubble into real uses that go beyond dodgy transactions (on the dark web). Most people won't see much advantage when fiat is easier and more widely accepted. It could be big in places where fiat has failed, e.g. Venezuela. I'd hope Steem can be part of that.
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We've clearly passed a peak in crypto. People ask if crypto is dead every time we have a bubble followed by a crash and the answer is always 'no' in the end. That said I think that most of the projects currently leading the pack will not be major players in a few short years.
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Cryptocurrency still a very uncertain environment.
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great news
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it does not look good at all....
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I’m hoping this is just the calm before the storm! Hopefully everyone is just holding haha
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