Ethereum (ETH) co-founder Vitalik Buterin emphasized that there is no chance that the cryptocurrency and blockchain space would witness “1,000-times growth” again.
This he remarked in an interview with Bloomberg.
At an Ethereum and blockchain gathering in Hong Kong, Buterin said that the quick rise of crypto and blockchain industry is now touching a “ceiling,” and is moving from “just people being interested” to the realm of “real applications of real economic activity.”
Buterin further explained that the period of growth in the space is nearing its end because the level of superficial awareness about the industry has substantially grown, and it is entirely possible that it would plateau:
“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” said Buterin.
According to Buterin, the first strategy that was being employed over the past six or seven years in the crypto realm has led to a massive growth price and market capitalization of many cryptocurrencies, but that it is now “getting close to hitting a dead end.”
Crypto markets have seen an incredible decline in terms of total market capitalization of all cryptocurrencies during 2018. In January, total market cap of all cryptocurrencies reached $828 billion point. The peak in total market cap has been followed by a gradual downturn – with a rebound upwards in May – that has led to the current figure of $198.8 billion, the lowest point since early November 2017, according to CoinMarketCap.
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