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Apr 30, 2019

What Will Spur Crypto Mass Adoption? Coinbase CEO Weighs In

Cryptocurrency has endured its fair share of ups and downs in recent years. The 2017 boom vaulted digital currencies to prominence and garnered rare mainstream media coverage, while 2018’s bust cycle saw the allure of possibilities mostly wear off, replaced by doomsday predictions and death pronouncements.

While crypto remains volatile, it is perhaps more firmly entrenched, and on a wider scale, than at any point in its history. Mass adoption remains elusive, however – a major hurdle on the journey to legitimization. On April 2, Brian Armstrong, the CEO of crypto exchange Coinbase, laid forth in a live AMA his blueprint to achieve that important milestone: reducing volatility while enhancing scalability and usability.

Traditional investors find the inherent volatility of cryptocurrencies extremely off-putting. Armstrong noted that drastic market swings mean these key adopters will be inclined to sit on the sidelines rather than risking their capital. He believes that stablecoins – digital currencies whose value is attached to traditional assets like gold or the US dollar – provide an answer to reducing price volatility. Armstrong posits that using stablecoins in real-world situations can reduce volatility and attract more cautious investors to the fold.

The second half of the equation is improving both the scalability and usability of cryptocurrencies. To reach true mainstream adoption, Armstrong says that crypto needs to reach “Visa and PayPal volumes” for transactions – capability in the range of 500 to 5,000 transactions per second. He cited numerous projects from a handful of teams that may provide solutions, including the Lightning Network, an additional layer to the blockchain that enables unlimited user-to-user transactions on that separate layer; once the users determine the back-and-forth to be finalized, the final result of the transactions is sent to the blockchain, allowing for significantly higher speeds.

Usability – or lack thereof – has long plagued cryptocurrencies. A March 2019 Invest in Blockchain report indicates that 75 percent of crypto owners “still fear the failure of sending transactions while sending crypto.” “We need to get usability simpler and simpler and simpler. Kind of like having the Netscape moment or the iPhone moment,” said Armstrong, who cited the multi-step processes involved with crypto transactions and storage as major impediments to mass adoption. A user-friendly experience like those on popular mainstream apps would do wonders towards alleviating these obstacles, argues Armstrong.

Mass adoption won’t happen overnight, but new developments and vigilant work are bearing fruit for issues involving scalability, usability, and volatility. Cryptocurrencies are far from dead, and a brighter, more consistent future may be here sooner than anticipated.

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Related Ticker: BTC.X

Aroon Indicator for BTC.X shows an upward move is likely

BTC.X's Aroon Indicator triggered a bullish signal on February 22, 2024. Tickeron's A.I.dvisor detected that the AroonUp green line is above 70 while the AroonDown red line is below 30. When the up indicator moves above 70 and the down indicator remains below 30, it is a sign that the stock could be setting up for a bullish move. Traders may want to buy the stock or look to buy calls options. A.I.dvisor looked at 450 similar instances where the Aroon Indicator showed a similar pattern. In of the 450 cases, the stock moved higher in the days that followed. This puts the odds of a move higher at .

Price Prediction Chart

Technical Analysis (Indicators)

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on January 28, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 132 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

The Moving Average Convergence Divergence (MACD) for BTC.X just turned positive on January 29, 2024. Looking at past instances where BTC.X's MACD turned positive, the stock continued to rise in of 58 cases over the following month. The odds of a continued upward trend are .

BTC.X moved above its 50-day moving average on February 06, 2024 date and that indicates a change from a downward trend to an upward trend.

The 10-day moving average for BTC.X crossed bullishly above the 50-day moving average on February 07, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 18 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 442 cases, the price rose further within the following month. The odds of a continued upward trend are .

Bearish Trend Analysis

The 10-day RSI Indicator for BTC.X moved out of overbought territory on February 22, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 62 similar instances where the indicator moved out of overbought territory. In of the 62 cases, the stock moved lower in the following days. This puts the odds of a move lower at .

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 15 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

BTC.X broke above its upper Bollinger Band on February 08, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Fundamental Analysis (Ratings)

Fear & Greed

Market Cap

The average market capitalization across the group is 1.01T. The market cap for tickers in the group ranges from 1.01T to 1.01T. BTC.X holds the highest valuation in this group at 1.01T. The lowest valued company is BTC.X at 1.01T.

High and low price notable news

The average weekly price growth across all stocks in the group was -3%. For the same group, the average monthly price growth was 27%, and the average quarterly price growth was 95%. BTC.X experienced the highest price growth at -3%, while BTC.X experienced the biggest fall at -3%.

Volume

The average weekly volume growth across all stocks in the group was -100%. For the same stocks of the group, the average monthly volume growth was -100% and the average quarterly volume growth was -100%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
View a ticker or compare two or three
BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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A.I.Advisor
published price charts
Interesting Tickers
1D
1W
1M
1Q
6M
1Y
5Y
1 Day
CRYPTO / NAMEPrice $Chg $Chg %
GTC.X1.458000-0.010034
-0.68%
Gitcoin cryptocurrency
DOCK.X0.033030-0.000235
-0.71%
Dock cryptocurrency
NEXO.X1.134000-0.016003
-1.39%
Nexo cryptocurrency
ETH.X2925.640000-45.367430
-1.53%
Ethereum cryptocurrency
C98.X0.321900-0.007743
-2.35%
Coin98 cryptocurrency

BTC.X and

Correlation & Price change

A.I.dvisor indicates that over the last year, BTC.X has been closely correlated with WBTC.X. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if BTC.X jumps, then WBTC.X could also see price increases.

1D
1W
1M
1Q
6M
1Y
5Y
Ticker /
NAME
Correlation
To BTC.X
1D Price
Change %
BTC.X100%
-0.92%
WBTC.X - BTC.X
100%
Closely correlated
-0.99%
BTCUP.X - BTC.X
99%
Closely correlated
-0.98%
ETHUP.X - BTC.X
77%
Closely correlated
-4.63%
ETH.X - BTC.X
77%
Closely correlated
-1.53%
NEXO.X - BTC.X
76%
Closely correlated
-1.39%
More
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