An Overview of Cryptocurrency in 2022

Introduction 

Over the years, there have been a lot of changes to the way Cryptocurrency is being traded which spread across the introduction of new restrictions and regulations. Aside from that, some regions of the world placed a ban on the transaction of crypto or crypto-related entities. This overview will give in-depth information on the current trend in the crypto world. 

5 Key Happenings in 2022

One of the key happenings in 2022 is the experience of a market downturn which signals the approach of another price-innovation cycle. According to Chris and Eddy in 2020, prices are primary indicators in the crypto world. 

At this stage, the occurrence of bad days is always a driving force for consistent long-term growth which serves as a bridge connecting interest and innovation.

The decentralized space, Web3, has come to stay and likewise proven way better than Web2. Results from the analysis showed that creators and builders of Non-fungible tokens (NFTs) are making it big with what the new space offers. 

More than anything else, creators and builders should take note of the transitioning process into the decentralized space – the Web 3. 

According to the World Bank, more than 1.7 billion people are yet to have bank accounts. Crypto trading has been making a real-life impact by offering potential individuals the opportunity of financial inclusion. 

During this downturn period, the demand for digital currency and decentralized finance (DeFi) has skyrocketed. Most of these underserved populations have smartphones which make digital finance the most appealing option for them. 

With Ethereum leading the Web3 space, there has recently been a series of competitions from developers of other blockchains. Apart from the competition among blockchains, there is also the introduction of “Layer 2” technologies. 

These technologies help newbies and users with zero experience to minimize their losses by extending available blockspace.

The Web3 space is still at its early stage of development with a projection of about 1 billion users by 2031. With this in mind, the future of Web3 appears promising for prospective builders and creators. 

Final thought   

Of course, everyone in the world prefers freedom to any other thing. NFTs, offer complete freedom and a sense of ownership to creators and builders over their digital assets such as arts, pictures, and digital land, among others. Even in its downturn, cryptocurrency keeps making changes to the digital world.    

Keyword: Web3