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What facilitates mass-adoption of Bitcoin {BTC}, Litecoin {LTC} and other cryptocurrencies?

Bitcoin is still the king of the market. The top-ranked crypto is yet to exit the green zone, a minor jump rate of 0.89% was noted [according to the data obtained from coinmarketcap]. At present, BTC is priced at $9,976.28. The trading volume recorded is $21.803 billion, while the supply has 17,879,500 BTC coins in play. The total market cap of Bitcoin is $178.370 billion.

Litecoin is ranked at #5 on coinmarketcap. LTC is currently being controlled by the sellers, as a decline rate of 1.52% was observed. As of this moment, LTC is priced at $73.65. The trading volume recorded is $3.257 billion, whereas the supply has 63,047,531 LTC coins circulating. The total market cap of Litecoin is $4.643 billion.

Adoption is influenced by a number of factors. I will examine a few in this article. A ban can cause thousands of citizens to be piqued by technology, as we saw that blanket bans in China and Vietnam didn’t work as per the plans of lawmakers. As soon as a government labels something as “forbidden”, the desire to know more about such an entity increases. Such is the psyche of the human mind.

Prostitution and drug use have been banned in India for decades. Yet, Sonagachi is one of Asia’s largest red-light districts, housing lacs of call girls. On top of that, underground markets flourish and crimes skyrocket [many of the women working in Kolkata have been trafficked from Bangladesh and other villages across the globe].

Adoption also depends on how the IT sector reacts to cryptocurrencies. Notably, NASSCOM and Fintech companies have protested against the RBI ban implemented in India. Even Elon Musk is a fan of Dogecoin, which was added to the Binance exchange a month ago.

Last, but certainly not the least, merchants and investors play a crucial role in steering opinions. Australia, Thailand, South Korea, Switzerland, are considered as cryptocurrency “hubs”.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.