Reddit Cryptocurrency: Psychology of the Crypto Market is Beautiful

The subreddits of top cryptocurrencies possed some amazing stories. From the peculiar behavior of bitcoin (BTC) investors and the favorable luck of Tron (TRX) holders, the fact that relates the fate of ethereum (ETH) resting in the hands of Maker’s Smart contracts.

Bitcoin (BTC)

  • A crypto trader and technical analyst elaborated the psychology of the crypto market. He stated that people were not reluctant to buy bitcoin (BTC) when it was above $15,000 but their optimism is at a completely opposite level when bitcoin (BTC) is revolving around $3,000 with strong fundamentals steady progress.
  • The circle of bitcoin (BTC) adoption sees success and expansion as one of the users on Reddit shared his experience of purchasing a beer in Hong Kong while using bitcoin (BTC). It was revealed by another user that the place, Lotus Modern Thai, had a bitcoin ATM outside it and accepted LN as well.
  • Cryptocurrency disrupted the world with its signature characteristic, decentralization. Recently, it was revealed that now bitcoin mining is more decentralized than it used to be five years ago. This conclusion was finalized after observing a change in the hashrate distribution of the network. It was suggested that the current hashrate of the bitcoin network is better distributed than it was in the past.
  • CEO at Paxful, Ray Youssef stated the real use cases for bitcoin (BTC) in Africa. According to him, remittance, e-commerce and payments are the use cases of bitcoin (BTC) that were observed by him and the Paxful team while their stay in Africa.

Ethereum (ETH)

  • Ethereum (ETH) regains its position after replacing ripple (XRP). Ethereum (ETH) has successfully marked the second spot in the crypto market as the largest altcoin. Although ethereum (ETH) has surpassed ripple (XRP) but the difference between market caps of both cryptocurrencies isn’t substantial so the race between them for the second position is still on.
  • At the moment, 2 million ethereum (ETH) is said to be held in Maker’s smart contract. According to Kevin Rooke, the share of ethereum (ETH) in Maker’s smart contract is experiencing a growth rate of 28 percent since last November. If the rate of progress continues, within a year, 40.8 million ethereum (ETH) out of the total, 104 million ethereum (ETH), will be held by Maker.

Litecoin (LTC)

  • Litecoin Lightning payments got inspected by one of the largest cryptocurrency payment gateways, Coingate. After approving Litecoin Lightning payments, Coingate has allowed merchants to avail the benefits such as instant payments with cheaper fees. Now, more than 4,500 merchants have open access to Litecoin lightning payments.
  • Creator of Litecoin, Charlie Lee had revealed about working on bringing fungibility and privacy to the Litecoin Network. As per his latest views, extension blocks will be integrated into the main chain as an opt-in feature. This means that it would be up to the user to opt this for their transactions or go for a general transaction.

Tron (TRX)

  • Tron (TRX) holders will be benefited by the founder’s other project, BitTorrent. Justin Sun, CEO of Tron and BitTorrent, stated that TRX holders will be receiving free BTT tokens for the next six years. He further explained that amount to be airdropped each month will be incremented yearly.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.