Bitcoin continues to target its all-time high. Meanwhile, a new report sees global crypto adoption increasing to 45 percent by 2023.
Bitcoin can also be in the black again on Tuesday, October 12th. Despite adverse circumstances, the crypto currency recorded an overnight gain of 1.6 percent. On a weekly basis, BTC is enjoying a double-digit increase of 16.45 percent. At the time of going to press, the digital store of value is trading at $ 57,379, continuing to target the 60,000 mark. Bitcoin dominance is currently just under 46 percent.
Contrary to Bitcoin, the altcoin market is turning south again. Without exception, all coins of the ten most valuable cryptocurrencies suffer losses. While Ethereum and the Binance Coin saw a decline of 0.78 percent and 1.9 percent respectively, other projects are hit harder. Cardano, Ripple, Polkadot, Solana and Dogecoin all lose between 4 and 5 percent. Today, however, the winner of the day among the top 100 goes by the name of Shiba Inu. The Dogecoin clone can make up a little over 10 percent overnight.
“Adoption of Bitcoin and Co. will rise to 45 percent”
Meanwhile, there is news regarding crypto adoption. A new study from the Capgemini Research Institute, a European think tank, predicts an increase in global acceptance of cryptocurrencies such as Bitcoin to up to 45 percent by 2023. Currently this value is still below 10 percent. See as a justification Capgemini the increasing need for cross-border payments and concerns about excessive transaction costs and lack of standards in the global payment system.
According to the think tank, this development is primarily being driven by companies that accept crypto currencies as an alternative means of payment. 2021 was all about crypto adoption – from PayPal for a short interlude Tesla up to Microsoft or Lieferando. Still sees Capgemini the wave of adoption is just beginning. In addition, the company refers to deficits that would deter institutionalists from accepting Bitcoin and Co.
The volatility of the cryptocurrency market suggests a lack of maturity. Still, crypto-linked credit cards are taking the lead in crypto payments, driven by initiatives by global card providers to create a fertile ecosystem for crypto payments.
Capgemini in the World Payments Report 2021
Another factor is the polarized regulatory situation. While central banks from countries like Russia, India and the United Arab Emirates see potential in the adoption and regulation of cryptocurrencies and stablecoins, others are imposing strict bans for fear of illegal transactions.
Meanwhile, the report by the European think tank underscores the report by Chainalysis from mid-August. In it, the US analysis company also found an increase in global crypto adoption and classified countries in a ranking.