There is no denying the fact that 2018 was not at all a good year for cryptocurrencies. Except the first week of January, the prices of almost all the cryptocurrencies continued to decrease. The governmental regulations and ban on cryptocurrency trading were the reasons behind this downfall. In spite of this decreasing trend in cryptocurrency values, many financial institutions and organizations joined blockchain network on platforms.
It is not for the first time that the prices of crypto tokens have decreased. Similar trend also surfaced the crypto world from 2013 to 2015. But, cryptocurrencies not only regained their lost values but also touched all time high values after the recession.
These bearish signs in cryptocurrency world have divided the experts in their opinions. The supporters of the cryptocurrencies are saying that these will, once again, regain their lost values. On the other hand, the opponents are saying that cryptocurrencies have no value.
Most of the crypto experts seem betting on the value of Bitcoin. It is worth mentioning that Bitcoin is the top cryptocurrency. It had touched an all time high value of $20,000 in the first week of January 2018. The then experts were of the view that Bitcoin will replace US Dollar in international trade.
But, the ban on cryptocurrency trading in the world’s largest economy China caused the downfall in their values. Nowadays, Bitcoin is struggling around $3500 for the last week. It is the lowest value of Bitcoin in the last 16 months. This means that Bitcoin value has decreased 80% in last one year.
The deep plunge in Bitcoin price has created doubts in the minds of financial experts. Most of them are doubtful over whether Bitcoin will regain its market turn around or not. Crypto analysts have different opinions on this. If we analyze the forecasts of high profile crypto analysts, Bitcoin price seems ranging between $0 and $36500.
Bitcoin cash founder Calvin Ayre and Fundstart co-founder Thomas Lee are the top analyst to forecast Bitcoin price. Ayre is of the view that Bitcoin has nothing valuable and will crash down to $0 in 2019. He says that it has no utility because it uses old blockchain technology. Calvin also says that many other cryptocurrencies will surpass Bitcoin. This is because these utilize the latest blockchain features. In simple words, he seems supporting Bitcoin cash.
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It is also worth mentioning that a global transaction takes 10-20 minutes for process in Bitcoin. But, the same transaction takes seconds to complete in many other platforms like Bitcoin cash and Ripple (XRP). Being the oldest cryptocurrency, Bitcoin uses basic blockchain features.
On the other hand, Mr.Lee seems negating the forecasts of Calvin Ayre by saying that Bitcoin will touch $36500 in 2019. He says that Bitcoin had proved optimistic in the past. Here, it quite surprising that Lee had forecasted Bitcoin’s price to hit $15000 in the end of 2018. He seems quite fearless at his forecast proving wrong. This is why he once again forecasts that Bitcoin will hit $36500, an all time high value for the token.
The analysts with positive views on Bitcoin’s value take in view the latest developments in blockchain technology and cryptocurrencies. Blockchain technology seems revolutionizing the businesses in future due to its latest developments. Only one analyst considers Bitcoin undervalues.
Due to this decrease in Bitcoin’s value, Olver Isaacs suggest people to buy the cryptocurrency. He is of the view that it is the right time to buy Bitcoin. Olver Isaacs is a blockchain advisor. Isaacs sees no betterment in the surrounding structure of Bitcoin.
Keeping all this aside, we can say that blockchain and cryptocurrencies have a special place in our future lives. Crypto experts consider 2018 a maturation year for the cryptocurrencies. They hope that the crypto market will get volatility and 2019 will bring many new blockchain products.
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