Management and technology consulting firm GreySpark has discovered that U.S. dollars are the most actively traded fiat currency against cryptocurrencies.
This the firm identified in a fresh study that was published earlier in the month.
The study honed in on the popularity of cryptocurrencies that went viral in late 2017, when Bitcoin’s (BTC) price reached $20,000.
The experts at GreySpark discovered that crypto prices linked with Google search interest. As an example, the fluctuation in the price of Bitcoin (BTC) between $19,000 and $20,000 resembled with the record-breaking amount of searches for “Bitcoin” and “cryptocurrency”, the study cited.
In addition, the researchers claimed that crypto trade volumes have risen on most marketplaces, usually traded against major fiat currencies, stressing that over the last few years, USD has become the most actively traded fiat in that industry.
The research also indicated that during 2018, over 20 cryptocurrencies had a market capitalization of over $1 billion, after the total market capitalization of all cryptocurrencies reached a record peak over $800 billion in January 2018.
The research categorizes countries into three groups based on severity of the country’s formal stance towards crypto: Australia, South Korea, Switzerland and Japan are among those that adopted crypto regulation and endorsed digital currency products; Canada, the U.S., Russia and others are moving forward with more caution in terms of how to tackle the new asset class. China and Colombia around grouped together as countries whose governments have taken more harsh stances towards crypto, implementing bans and other restrictions.
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