There's a lingering belief that the cryptocurrency sector is losing momentum in utilization and application as prices decrease. However, leading crypto assets have been observing a rise in on-chain transactions, reflecting enhanced user engagement with digital currencies compared to previous years.
The sharp declines in the crypto market throughout 2018, especially the November drops, popularized the term 'crypto winter'. This period has been associated with the perception that the adoption and use of digital currencies are diminishing alongside their falling values.
Yet, according to insights from Weiss Crypto Ratings, report where Martin D. Weiss, Ph.D. and Juan M. Villaverde highlight an insightful snapshot of the crypto market dynamics as of March 2019. cryptocurrencies are far from being forgotten.
Weiss and Villaverde report that prominent cryptocurrencies have witnessed a threefold increase in on-chain transactions, particularly over the first quarter of 2019.
Leading Cryptocurrencies on the Path to Greater Adoption by Strengthening Underlying Technology and Affordable Pricing
In the detailed report titled 'Dark Shadows with a Bright Future', Weiss and Villaverde argue that despite the declining market values, the core technology of digital currencies is advancing.
Furthermore, the infrastructure of blockchain networks, representing decentralized ecosystems, has seen significant enhancement. Development teams behind key digital assets are focusing on scaling network capabilities, enabling more transactions per second and broader user bases without downtimes.
The analysis suggests that the lowered market prices paired with technological advancements provide fresh opportunities for investors.
According to the latest cryptocurrency assessments in Weiss's March report, Bitcoin network has been upgraded with the Lightning Network placing leading digital currencies in a position where bitcoin could potentially emerge as a favored 'store of value' for both investors and long-term holders.
Weiss Report: Top Cryptos Leading the Charge Toward Widespread Adoption
The report evaluates major digital currencies based on risk, reward, technology, and adoption levels. Cardano , XRP, EOS , Ethereum, Steem, NEO, Zcash , Litecoin and Stellar with ratings such as A, A-, and B+ in terms of technology and adoption.
Within this grading pattern, XRP is poised to rival SWIFT in the realm of swift monetary transactions. EOS is heralded as a contender against Ethereum, striving to form the foundation of the decentralized internet. Web 3.0 while Ethereum continues to hold the crown as the most widely implemented smart contract platform.
Visuals from the 'Dark Shadows with a Bright Future' report by Weiss Crypto Ratings.
Cardano led by Charles Hoskinson, is focused on constructing a cutting-edge blockchain ecosystem with enhanced smart contract features, as well as working on aspects like sustainability, scalability, and interoperability.
Describing the evolution of cryptocurrencies as an 'Internet Superboom on Steroids', the Weiss report likens the growth in digital assets and their technologies to the internet and Web's historic expansion. It argues that despite the 'dark shadows' of price declines casting gloom over cryptos, industry advances and growing adoption signal a prosperous future.
To substantiate claims of technological and adoption progress in cryptocurrencies, the report reveals that transaction volumes on the top 10 actively used crypto networks surged by a stunning 245%. Improvements in network security saw an increase of 115%, while network capacity enhancements hit 170%. Developer engagement rose by 28%.
