After a very nonchalant year for Bitcoin, it’s making a comeback with a bang. Bitcoin has been, so to speak, unimpressive right up until the 3rd quarter of this year, but keeping in mind all those stats and trends throughout the pandemic, it’s still making a rise to the top again. BTC has peaked yet another time at $50,000.
When opposed to the performance of other assets, the situation for Bitcoin hodlers is even brighter. This week, European stocks are up just 10.3 percent year-to-date. According to data released this week, the leading cryptocurrency is at least 13 percent ahead of commodities for the year, and 17 percent ahead of US micro-cap enterprises.
The predictions in September by some “expert” state that while Bitcoin can recover and become profitable again within 2021, October will not see a high rise. Such predictions, opinions or whatsoever you may call them, have been shut down in the face within the first week of October.
According to Chainalysis, the three leading rankings in the Global Crypto Adoption Index are held by India, Vietnam, and Pakistan. Furthermore, the Philippines and Thailand were ranked 12th and 15th on the list, respectively. This makes it obvious that while countries in the the EU and West may set the standard for crypto legislation around the globe, cryptocurrency usage is rising rapidly in Central and Southern Asia and Oceania (CSAO).
Between July 2020 and July 2021, the CSAO market is the 4th largest cryptocurrency market, accounting for 14% of worldwide transaction value. It estimated the overall value to be $572.5 billion throughout the aforementioned time period.
Chainanalysis said in a report that,
CSAO’s transaction activity grew by 706% compared to last year in terms of raw value, and its share of global cryptocurrency activity grew by 2%, making CSAO one of the fastest-growing of all the regions we study.
India accounts for a substantially larger proportion of activity on Decentralized Finance (DeFi) marketplaces. The country derived 59% of its crypto operations from such platforms, compared to 47% in Vietnam and 33% in Pakistan. Growth in DeFi could be excellent news for developing countries like India.
These programs use technologies to boost the transparency of blockchain and crypto-based loan platforms, investment programmes, and other platforms. As a result, they are more easily accepted by regulators than ordinary crypto trading operations.