Investment firm Blockchain Capital has released its annual “State of Crypto” report, comprising all the highlights from 2019. Luckily for you, Decrypt has swept through the 74-page document and lined up the most compelling takeaways.
We are near the end of 2019 and what a ride it’s been for the cryptocurrency industry. This year, bitcoin—the reigning king of crypto—proved its supremacy in the cryptocurrency markets and beyond. Bakkt finally launched leading to a range of emotions from disappointment to excitement then cries of gotcha! And a wide array of central banks and nations are now creating their own cryptocurrencies—spurred on by none other than Facebook.
But that’s not all: Here are Blockchain Capital’s biggest focal points for crypto in 2019 and what’s next for the industry.
The crypto market in review
Of course, it wouldn’t be a report on crypto in 2019 if it didn’t mention the (brief) market recovery. Back in early April, the collective crypto hivemind started using a phrase that hadn’t been uttered since late 2017: “parabola.”
In May, the price of bitcoin flew up, catalyzing a massive growth spurt from the multitude of altcoins. The total cryptocurrency market cap grew an extensive 167% from $130 billion in January, reaching a peak of $348 billion come late June.
Despite the downturn which followed, the market still cites a reasonable 36% year-to-date market cap growth.
However, not everyone made it out alive. Per the report, small to mid-cap index performance has left a great deal to be desired. The Bitwise Large Cap 10 index (which tracks ten coins) outdid mid-small cap indices by quite some magnitude—which is perhaps no surprise given bitcoin’s 20% rise in market dominance this year.
Speaking of dominance, Tether currently stands at a whopping 80% over the total stablecoin market. Moreover, the stablecoin market has been the subject of mass growth, adding $1.4 billion to its coffers in 2019.
The ICO saw a brief revival with the…