Bitcoin has been extending the lean patch it has found itself in since early November. An analyst at Ark Invest, however, sees the apex cryptocurrency resuming its uptrend and outperforming in the coming years.
Cryptos a Hit In Developing Countries
Crypto activity in Turkey and Brazil surged in the recent week, which highlights increasing adoption in developing countries, Ark’s Yassine Elmandjra said.Cryptocurrency trading volumes in Turkey increased 1,065 percent from $169 million on average per day during the fourth quarter of 2020 to $1.8 billion in the fourth quarter of 2021, buoyed by Turkish lira’s depreciation, the analyst said, quoting Chainalysis data. Tether, a controversial stablecoin, gained ground in Turkey, outpacing both the dollar and the euro, he added.
