Crypto investors have had unprecedented returns in the past few months. These returns have made Bitcoin and other leading coins some of the hottest assets. Notably, crypto gambling is a budding sub-sector within this ballooning industry. How will the rising crypto market affect the crypto gambling industry? Bitcoin gambling games are of particular interest. This asset has appreciated 300 per cent in six months.
Accordingly, the most famous crypto-asset logically has more recognition with gambling enthusiasts. Ethereum is also significant because it nurtures developers and facilitates innovation. The best crypto games allow users to wager and multiply their coins. Despite stuttering in the past two days, Bitcoin is still retailing at an absurd $50,000. ETH and DOGE are also notable gainers during this Bull Run. Even sceptics are wary about placing a ceiling on the potential of cryptocurrency with this momentum.
Institutional Investment Fueling the Rally
The last major Bitcoin rally in 2017 fundamentally differed from this one. It was mostly the work of small retail traders. In 2021, institutions were pouring record amounts into crypto. Billionaires like Elon Musk and large funds are buying this asset to get a piece of this pie. MicroStrategy has effectively made Bitcoin its reserve asset. It is part of a select group of institutional investors betting on crypto.
Therefore, this surge feels different. Institutional investors provide permanence and legitimacy that adds more stability to markets. Small traders still play a vital role in trading and securing crypto. These traders are the crypto enthusiasts you will find on Reddit platforms. They explore all aspects of crypto, including crypto gambling.
Popular Forms of Online Crypto Gambling
The most common forms of online gambling are casino games, sports betting, and crypto games—a site like BC.Game allows gamers to wager using leading cryptocurrencies. For casino games, the online media recreates the physical casino experience. A gamer gets access to slot machines and even classics like Bitcoin Crash, Blackjack, and Roulette. Sports betting is a rising gambling speciality. There are dozens of sports leagues active all the time. Sports fans can wager using crypto and potentially cash in on their team winning.
Betting has increased acceptance, with New York and several American states legalising betting. Other crypto games have organically emerged from developer activity. The developer activity using Ethereum smart contracts has resulted in some fantastic games. This sector is still growing as gamers and developers explore the possibilities of decentralised gaming. Gambling and crypto fit naturally. Cryptocurrencies have always had a speculative element. Gambling is as speculative as it gets. The confluence between these two industries provides opportunities for many.
How Does The Rising Crypto Market Affect The Crypto Gambling Industry?
The rally in cryptocurrencies certainly boosts trading activity. Traders look at the potential returns from trading more favourably and think it is the opportune time. For crypto gambling, is the effect similar? It is fitting to analyse the result of the previous rally in 2017 to get an idea. Many sites then saw a bump in activity and turnover as Bitcoin rallied. The rise of CryptoKitties was the best illustration of gaming getting a boost from the crypto rally. It could be that Bitcoin holders find themselves with more value during a rally. They have more means to indulge in their favourite pastimes. Gamers can wager using their excess crypto just like someone would use a bonus for a vacation.
Bitcoin is divisible into Satoshis, which facilitates efficient gambling. Betting operators have seen volumes increase in the past year. This rise in popularity is not coincidental. A market rally does have a positive influence on the crypto-gambling industry. Bitcoin prices boost trading but also have a tailwind effect on crypto gambling. When crypto interest peaks, the public looks for alternative ways to make more crypto.
Online gambling platforms are a destination for this reason. You can purchase a little crypto and try working your way up. Volatility makes gambling all the more endearing. A gamer could get some winnings and have it multiply due to a price rise. This scenario is possible during a rally like the present one. Accordingly, elite gambling operators integrate stable coins into supported coins. The likes of USDT have a value that is about $1. Gamers wary of volatility can utilise stable coins to create stability.
Crypto gambling and crypto trading are two distinct fields. That said, they have a significant intersection. When crypto prices rally, traders go into a frenzy. Similarly, the heightened awareness generates more traffic for crypto gambling operators. They don’t have to clash. Indeed, trading will take precedence because it has exponentially greater volumes. Regardless, crypto gambling is still posting strong returns with steady growth. This rally will hopefully be another watershed moment for online crypto gambling.