Despite falling crypto prices, the installation and use of Bitcoin ATMs has surged in recent months, with 5 popping up every day.
The picture looks pretty bleak for Bitcoin at the moment. Since the beginning of the year, the king of crypto has lost over 50% of its value, falling from $17,400 to around $8,000 today. It could go even further if the waves of negative sentiment and media FUD continue. The crypto carnage spreads across the entire market as all of the altcoins seem to blindly follow the path of Bitcoin.
Those new to crypto have probably jumped ship by now and sold in a FUD-induced panic. This causes the self-perpetuating decline to continue, falling below key support areas. The total market capacity has shed 53% of its total volume, a staggering $440 billion, in a month.
It is not all doom and gloom though. Zooming out to the three month chart shows that total market capacity at the beginning of November 2017 was $200 billion. That is 48% lower than where it stands today. One group seems to have benefited from the falling crypto prices: Bitcoin ATM suppliers. According to Coinatmradar.com, installations of Bitcoin and cryptocurrency machines has surged in recent months.
At the time of writing, the global total is 2,177 Bitcoin ATMs. Around 43% of those machines also support other altcoins. On average, 5 Bitcoin ATM (BTM) locations spring up every day, and 136 were installed during the market correction. In 2017, the number of Bitcoin ATMs doubled from 954 on Jan 1st to 2,028 on Jan 1st, 2018…