Chainalysis’ recent Global Crypto Adoption Index indicates that investors in India, Nigeria, and Thailand are driving grassroots cryptocurrency adoption, with notable investments seen in Ethereum (ETH), Cardano (ADA), and Bitcoin Spark (BTCS).
Chainalysis is an American blockchain analysis firm founded in 2014 that has gained significant recognition in the crypto space. Among its products is the Global Crypto Adoption Index, which aims to identify countries where most people are putting the majority of their wealth into cryptocurrency. The firm analyzes 154 countries based on five sub-indexes, including on-chain crypto value, the retail value received on centralized exchanges and DeFi protocols, and peer-to-peer exchange trade volume. It then weights the rankings by population size and purchasing power and takes the geometric mean of each country’s ranking in all five areas. India, Nigeria, and Thailand were ranked as the top three countries in Chainalysis’ 2023 Global Crypto Adoption Index.
Ethereum (ETH) price
The Ethereum (ETH) price dropped below the $1,600 mark, going to levels last seen in March on September 11th. Analysts suggest this has attracted more buyers, who are taking advantage of the dips to buy ETH at discounted prices, with traders targeting short-term profits once ETH rebounds toward the $2,000 psychological level.
Cardano (ADA) price
Cardano (ADA) has stagnated between the $0.24 and $0.28 territory since the August 17 crypto market crash. Cardano Whales recently sold off 190 million ADA, but retail investors have showcased unwavering confidence in the project, consistently adding their ADA holdings. Analysts suggest from on-chain data the Cardano bulls could hold the $0.25 support territory despite the crypto whales’ bearish pressure.
What is Bitcoin Spark?
Bitcoin Spark is a crypto project aiming to bring a new generation of cryptocurrency. It draws inspiration from Satoshi Nakamoto’s original vision and hence has similarities with Bitcoin (BTC), which includes a limited supply of 21 million BTCS.
The Bitcoin Spark network offers lightning-fast transactions at low costs, possible through its enhanced individual block transaction capacity, short block time, and massive number of nodes. It also provides a scalable platform for smart contracts and decentralized applications (DApps) through its layered architecture with separate execution systems but singular network finality. This design also allows for the use of multiple programming high-level and low-level languages, promoting diversity within its ecosystem.
Additionally, Bitcoin Spark uses a novel consensus mechanism known as the Proof-of-Process (PoP), which non-linearly rewards users for confirming blocks and contributing their processing power. Bitcoin Spark’s vast number of nodes, coupled with the non-linear rewards functionality, allows for significantly more validators. The Bitcoin Spark team will even launch an application that enables Windows, iOS, Android, Linux, and Mac OS users to engage in network validation by simply permitting access to their device’s processing unit. The team has made notable steps to ensure the app is safe, lightweight, and fast.
The contributed power will be ‘rented out’ to organizations or individuals requiring significant remote computational resources, who then pay with BTCS, giving rise to decentralized CPU/GPU rental. This innovative service provides a groundbreaking real-world application for crypto.
Furthermore, the Bitcoin Spark website and application will have small spaces for ads, which will be policed by the community to ensure trustworthiness. Advertisers will also be required to pay using BTCS, combining crypto with the booming marketing industry.
Bitcoin Spark (BTCS) price
Bitcoin Spark (BTCS) is expected to launch at $10 but is currently selling at $2.50 with a 9% bonus in Phase 5 of its Initial Coin Offering (ICO). The ICO has seen massive investments from crypto whales, institutional investors, and even retail investors. Several analysts suggest this ICO is a great opportunity for those who missed out on cheap Bitcoin (BTC) and have given outstanding projections for BTCS.
The recent Chainalysis data shows the increasing rate at which crypto is gaining worldwide adoption, and Ethereum (ETH), Cardano (ADA), and Bitcoin Spark (BTCS) gaining the most investments suggest belief in their future prospects.
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