Cryptocurrencies have recently soared to record highs but the road ahead may prove to be challenging, the WSJ reported.
- Industry watchers say cryptocurrencies need to pick up steam as payment options for them to be more far-reaching.
- Transaction fees hound the industry, often changing depending on the traffic, which could dissuade the use for small transactions.
- Firms have raised environmental issues on cryptocurrency mining, which relies on computers competing to unlock new coins.
- Companies earlier announced plans to accept crypto as payment, but later on backtracked and dropped such developments.
- Investors were encouraged to jump into the crypto space due to limitation on stock trading, and more money in their pockets from stimulus checks.
- Social media has proven to be influential, encouraging buyers to enter the fray and move the crypto markets.
- Bitcoin, Ethereum, and Dogecoin all posted record-highs this year, as more individuals dove into the space.
- Bitcoin was last trading down 10.39% to $43,320.29; Ethereum down 9.94% to $3,302.91; and Dogecoin down 7.05% to $0.485012 at 4:26 p.m. GMT according to Coindesk.