What is waiting for Bitcoin in 2018?
2017 has created a solid foundation for the cryptocurrency market. And by 2018, what are they waiting for?
In any market, people are always attracted by future forecasts. Especially in terms of price. On the other hand, in the volatile crypto market, price forecasting is not an easy task. All events occurring around them affect the crypto coin.
1. Bitcoin will still be king
Bitcoin hit $ 20,000 last year, but then fell continuously, paving the way for the upside. Dominance Index fell below 33%. Whilst other coin such as Ripple, Stellar and Tron occupy a share of market capitalization.
However, Bitcoin has regained its status in recent times. And is expected to continue to lead the market in 2018.
Erik Voorhees, general manager of ShapeShift, said, "Bitcoin was once down on their platform a year ago. But observing that, the development of the co-altcoin can greatly affect Bitcoin in the positive sense. In other words, it really benefits from Altcoin.
2. Many major financial institutions enter the market
After laughing, the Wall Street investors finally turned their attention to Bitcoin. Bitcoin futures contracts from CME and CBOE are indicative of this.
Michael Graham, an analyst from Canaccord Genuity, shares:
In an interview with CNBC, Dave Chapman - Chief Strategy Officer of Octagon, said:
3. Managers are also willing to jump in
So far, the crypto market is still unclear. Only a few countries are interested in this. Almost all of them ignored it.
However, 2018 will be a completely different year. Managers need to quickly establish regulations to keep the crypto market, avoid price manipulation, money laundering, and other illegal activities.
4. Price volatility persists
Can not talk about Bitcoin without mentioning its volatility. And despite a wave of winds in 2017, the market is unlikely to stabilize this year. Of course, the negative or positive trend is still a mystery.
Graham shared:
We do not know what Bitcoin will accomplish this year. But getting a lot of acceptance from big financial institutions like CME Group, CBOE or Goldman Sachs, for Bitcoin, this is a good thing. Can be seen as the foundation for other Wall Street financial institutions to follow.
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Bitcoin will remain dominant for some time. Unfortunately, it may lose value as the infrastructure it requires continues to grow beyond its ability to support it.
If Bitcoin doesn't start taking cues from coins like Ethereum and Cardano it may lose its lead.
I agree and probably will lose in future.
The way I see it, bitcoin was first so it has some predominance over the market, people like things they feel comfortable with, the OG of crypto. I don't think it will hold it's place for too much longer though just because there are quite a few altcoins which have greatly improved the model.
I think that if people can get enough nodes setup on a crypto like Raiblocks, people will eventually go towards those that have no fees and very fast transactions.
Somthing Like Steem :-)
I love Steem because it is a crypto based on a real asset. Information is the most valuable commodity in the world, and Steemit pays for it.
Can't argue with that :)