by Marvin Dumont
The cryptocurrency market dipped from $212 billion in mid-November to its current $130 billion — a 40% decrease in market capitalization. Crypto values are most affected by negative news, and November saw its share with regulatory actions around the world. There’s also a theory that digital coins see selling pressure during the holiday season as people buy Christmas gifts using fiat cash.
Investors are adapting to new realities in an important way. Many crypto ventures promote impressive whitepapers that promise to disrupt the financial system. Unfortunately, many are not delivering on such promises while some have been outright scams. It’s just the reality of a digital Wild West where the real players must distinguish themselves from the pretenders.
Valuation is partly derived from usefulness or perceptions of usefulness. The ambitious blockchain projects that have software developers and marketers working 24/7 are introducing radical solutions to entire industries. Sooner or later these ventures will generate positive media coverage that will eventually lead to another bull market.
What gives resolute men (and women) solace during times of adversity is a conviction that what they’re doing is right, just and helpful to others.
With cryptos it’s all about utility and education. Apollo Foundation is striving to create as much usefulness in an all-in-one currency. Apollo (APL) enables users to perform any blockchain task (offered by other mainstream cryptos) in a single platform. At the end of the day, it’s about what Apollo can do to make people more effective in their digitized lives.
With the release of Hermes 1.0 (Step Two update), Apollo will have the fastest blockchain anywhere with two-second blocks. This will be a significant technical achievement.
The foundation’s members understand that the future relies on streamlined access to financial privacy. Thus, the team is building an unregulatable and untraceable currency.
Another thing is clear: Distributed ledger technology (DLT) is here to stay: It will transform how businesses and economies work. Despite the current bear market, that’s worth something. Whatever your expectations about crypto’s future, the underlying tech is disruptive to the world of finance. DLT is and will continue to improve the global economy. Unlike paper cash, new forms of money are in sync with an evolving digital landscape.
As institutional investors enter the market in Q1 or Q2 2019 they’ll bring renewed enthusiasm for cryptos and underlying technologies. In late 2017 people went wild over the possibilities of frictionless, cross-border payments that use trustless mediums of exchange. These features continue to have great merit even if the nascent technology sees volatility as well as skepticism from old-school regulators and media.
If the utility is there, the value is there.
Gold has been financially useful for thousands of years. So too will electronic money in a digital and borderless future.
For updates, follow Apollo on Twitter.
“The way to get started is to quit talking and begin doing.” — Walt Disney