Crypto markets remain down around 65%, or $2 trillion in total market capitalization, from their peak in November 2021.
The industry has been battered by a barrage of attacks from regulators and politicians, especially in the United States. Moreover, the wave of hacks and exploits has continued unrelenting.
Nevertheless, there is a silver lining, and that is growth and adoption across the sector.
On Sept. 26, DeFi researcher Thor Hartvigsen shared four charts showing that the “market and crypto adoption is in a much better place than you might think” before exclaiming:
“I am more optimistic about the future of Crypto/DeFi than I’ve ever been.”
Crypto and DeFi Growth Charts
The first chart was of the total daily wallets across the Ethereum and the layer-2 landscape. Users in the Ethereum ecosystem are at an all-time high despite being two years into a bear market, noted the researcher.
Are We Getting Close To A Bull Market?
I am more optimistic about the future of Crypto/DeFi than I’ve ever been.
4 charts showing that the market and crypto adoption is in a much better place than you might think
Ethereum +… pic.twitter.com/SSbVtGkFkl
— ThorHartvigsen (@ThorHartvigsen) September 26, 2023
The next chart was the overall stablecoin market cap, which has been in a steady decline for the past year, signaling outflows from the industry.
That decline stopped in early August 2023, suggesting that the downtrend and bear market may be coming to an end.
The third chart was the most impressive. It shows how fast the Ethereum network has grown in terms of revenue.
The network has surpassed the likes of Microsoft and Meta (Facebook) for rapid revenue growth, hitting $10 billion in just seven years.
“The chart below illustrates the speed at which Ethereum has gathered product market fit and become a widely used product.”
Ethereum surpasses $10B in revenue faster than Facebook and Microsoft. pic.twitter.com/Ys4snTQPVN
— Hercules | DeFi (@Hercules_Defi) September 26, 2023
Finally, there was a liquid staking chart showing that it has reached all-time highs despite the bear market. “Infrastructure upgrades can act as large catalysts driving more capital to the space,” noted the researcher.
Other Bullish Factors
There are a number of other factors to be positive about despite the current market lethargy.
Crypto exchange-traded products are likely to be approved soon as pressure mounts on U.S. financial regulators.
Real-world asset (RWA) tokenization is also a massive growth sector within the crypto industry. Hartvigsen concluded:
“Sentiment is at an all-time low but real products with actual demand are getting built. The space is moving in a healthy direction.”
Finally, Web3 startups are still raising more than $200 million per month in crypto winter, as reported by CryptoPotato this week.
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