- Over the past ten or eleven years or so, there has been a significant increase in the adoption of cryptocurrencies like bitcoin.
- In a recent report by Coinmetrics, it delves into the amount of bitcoin and other cryptocurrencies being held by other platforms.
Over the past ten or eleven years or so, there has been a significant increase in the adoption of cryptocurrencies like bitcoin. There have been some highs and lows but unfortunately the mainstream the lows seem to have outweighed the highs as platforms such as Mt. Gox has seen significant attacks/hacks which shadows over the good impact that cryptocurrency can have on the rest of the world.
This is where concerns start as when the Mt. Gox platform got hacked and lost 70 per cent of the world’s bitcoin transactions, questions started getting raised on how safe the digital asset was and whether it was worth all the hassle.
In a recent report by Coinmetrics, it delves into the amount of bitcoin and other cryptocurrencies being held by other platforms and attempts to answer if any in the crypto space are currently under threat by potential hacks or scammers.
BTC and ETH where the key cryptocurrencies that were under investigation. Compared to BTC, ETH didn't consistently increase over the last five years and in 2017, the volume of ETH went down quite significantly - specifically during the bull run of December that year. However, at the start of 2018, it seemingly took off.
Kraken was the first major crypto platform to trade ETH. Over the past five years, we’ve seen ETH change as well as the amount of cryptocurrency being accumulated by different platforms.
The main highlight of the report was that ETH is getting more distributed and it has been over the years. It only seems that this number is going to increase over time and especially over this decade. This is a positive sign for the second-biggest cryptocurrency but it should also be a good sign for adoption and where we could be going over the next few years...
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!