Can Bitcoin recover from the recent market crash and go on a bull run greater than last year? Can the total value of all cryptocurrencies surpass the $1 trillion mark?
According to a report by CNBC, there is a high chance that this will happen.
"Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value", experts told CNBC, following a recent violent sell-off across digital coins.
Below is what Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC in an email interview:
"Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push cryptocurrency prices to all new highs this year. There is no reason why we couldn't see bitcoin pushing $50,000 by December."
The recent cryptocurrency sell-off came after massive price rises for many coins last year. Bitcoin surged from just under a thousand dollars to almost $20,000 - a 2,000 percent increase. Other major cryptocurrencies like Ethereum and Ripple rose over 8,000 percent and 32,000 percent respectively.
Even though the price rises were massive, some experts it could be even bigger this year.
"We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals," Jamie Burke, CEO at Outlier Ventures, a venture capital firm that focuses on blockchain investments, told CNBC via email.
What do you guys think? Is a crypto moonshot possible? Or will the prices never recover from January's crash?
It would certainly be nice if cryptos went on a bull run like 2017. Reading old predictions, however, makes it seem like it might have become too big too quickly. The correction, while brutal, is probably healthy.
I totally agree with you. In fact, I wrote this other article about how the crash is good as most exchanges are struggling to keep up with the increasing volume that is being traded every day. I guess too much too soon is never good aye?
I agree.
I've seen this news like yesterday. The media is really trying to fool people on this one. Trying to shill and fud at the same time.
If you look at the chart on cryptocurrencies. You can pick your flavour really. Everything has become overpriced.
Now the question is "Is this going to burst?" but "When this will burst".
Thanks for the comment! Personally, I've kinda lost faith in Bitcoin, but I think there are a few other currencies that will definitely shine in 2018. Still, there are a lot of extraneous factors that might affect the outcome. Guess we gotta wait and see haha
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.cnbc.com/2018/02/07/bitcoin-price-could-hit-50000-this-year-experts-say.html
Coins mentioned in post:
I didn't mention STEEM and NANO though
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Wow, deep!