Startled? You don’t really have to. Remember the popular saying that ‘a minute on the crypto space is equivalent to one real-world hour’? Yeah, guess that helps a lot when you consider how fast thing moves in this space. You may call it volatility, that sounds way too euphemistic. If volatility is a satisfactory term for how fast the crypto space moves, then I’d say it is just a normal speed. But this space moves way faster.
Volatility can only ‘partially’ describe the speed of change in the prices of cryptocurrencies, but that’s just one little aspect of the crypto space. Cryptocurrency prices could go either way in just a second. In a blink of an eye, over a hundred billion dollars vanish from the total market capitalization, it could also go the other way…in a second.
‘Just a second’ Oh boy! A second could be too late. It’s like a ‘rush hour’ scenario. Things move fast; price, technological advancement, and proliferation of cryptocurrencies.
Not sure many hold stable coins for a very long time, for those who do, it might be a little harder to relate to the pronounced volatility of the crypto space. Your altcoin just swung from a 10% loss to a 5% gain, what a joy! But that could go either way…in a blink of an eye! For chart watchers like myself, the speed of change in the crypto space is one to write a story about.
Price changes should be the most pronounced proof of the rapid changes in the crypto space, but that’s just one of them.
Sequel to the 2017 boom, over ten thousand (10,000) more (new) cryptocurrencies have been added to cryptocurrency tracking services. Do the maths; at least five new cryptocurrency projects are added to cryptocurrency tracking services daily, on average! In that case, a new cryptocurrency is born every five hours! This statistic is an average of course and varies to a very large extent. But it goes a long way to explain just how fast this space moves.
It is a very fast-moving space, don’t sleep in it, not for very long. A nap will do. Technologically, cryptocurrencies and blockchain technology have also evolved from a common ‘payment system’ technology to a full tech revolution. ‘Portable payment solutions’ using cryptographic tokens is just one of the countless applications of cryptocurrency and blockchain technology today. Only a few mainstream sectors are missing a cryptocurrency and blockchain-based project. Notable firms which had been indifferent to cryptocurrencies are making the ‘U-turn’. While this isn’t a surprise at all, the rate is stunning.
In just a couple of weeks, a series of stories steered the space. Positive or negative, the market decides how it reacts to this! And when it does, it does so fast! Price, proliferation, and technological breakthroughs; these happen in minutes in this space. As much as possible…Don’t BLINK in this space!
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