In November 2017, bitcoin was in the middle of a remarkable
price surge that would see its value rise 10-fold over the
course of six months. By mid-December, one bitcoin was worth
close to $20,000 (£15,000), but that was the high water mark
before the tide turned.
A year later, bitcoin is trading at around a third of its peak
value but some cryptocurrency analysts believe the market
might be on the verge of mirroring the gains it experienced in
late 2017. The only caveat is that it might not be bitcoin that
leads the charge this time.
Overstock CEO Patrick Byrne, who was behind the online retail
giant becoming one of the first places to accept bitcoin back in
2014, said that he still expects the mass adoption of
cryptocurrency, without specifying which one.
Speaking to bitcoin enthusiast Naomi Brockwell on her
YouTube channel , Mr Byrne said he remained highly sceptical
of the traditional financial system. When asked if he saw
bitcoin becoming a worldwide currency, he pointed to
countries like Venezuela that have experienced significant
financial turmoil in recent years.
"When people start getting into it is when their own financial
systems collapse," he said. "Whether bitcoin is the one,
whether bitcoin has solved its speed problem, or it's another
cryptocurrency, only time will tell."
Bitcoin's volatile history in pictures Show all 8
Bitcoin has enjoyed the most sustained period of stability in
its history, helping it address the issue of price volatility that
some critics say makes it unsuitable as a form of mainstream
payment.
General consensus among market analysts is that this trend is
likely to continue in the short term, barring any major news
that could send the price shooting in either direction, such as
a large-scale hack on a leading exchange, or positive
regulation implemented by a financial body.
Bitcoin price predictions made by 10 analysts for November's
Finder Cryptocurrency Predictions Survey suggest that the
world's leading digital currency will experience steady growth
over the next year, though the upcoming months remain
uncertain.
“Some of our panellists believe external forces could shift the
market greatly over the next month, and particularly for
bitcoin," Jon Ostler, CEO of Finder.com, told The Independent.
"The upcoming decisions on a Bitcoin Exchange Traded Fund
being approved or not by the US Securities and Exchange
Commission (SEC) and the US Commodities and Futures
Trading Commission (CFTC) deciding whether to accept the
application by ICE backed cryptocurrency exchange, Bakkt, are
expected before 1 December. So at this stage, it’s difficult to
predict exactly what will happen."
Looking longer term, Mr Ostler said bitcoin is expected to
experience steady growth over the next year, with the panel of
experts predicting an average value of $16,732 by the end of
2019.
“With bitcoin being very stable and within a range between
$6,800 and $6,100, it is hard to suggest anything will change
until it breaks this range," said cryptocurrency trader Craig
Cobb, who forms part of the panel.
But if it's not bitcoin, a hint at what this next break-out
cryptocurrency might be was given earlier this week by
Blockchain, the world's most popular bitcoin wallet. On
Tuesday, the company announced it would give away $125m-
worth (£96m) of the Stellar cryptocurrency as part of a major
initiative to encourage its use as a mainstream form of
payment.
Stellar is currently not even in the top five cryptocurrencies in
terms of its total value, according to CoinMarketCap, but while
it may be lesser-known, its backers say it is more
technologically advanced and better suited to large-scale
usage.
"[Stellar's] token, XLM, enables quick, low cost, worldwide
transactions, even when millions of people are using it at
once," Blockchain CEO Peter Smith wrote in a blog post
introducing the giveaway.
Another cryptocurrency that could see massive gains in the
coming months, some experts say, is bitcoin's closest rival
ethereum . Technology expert Ian McLeod of Thomas Crown
Art said that the world's second largest cryptocurrency could
be on the verge of a "monumental, defining global breakout."
Currently trading at just above $200 – down from a high of
$1,350 in January – Mr McLeod claims ethereum could reach
as high as $500 by the end of 2018 and could see its price
"explode" in 2019 and beyond.
“We can expect bitcoin to lose 50 per cent of its
cryptocurrency market share to ethereum, its nearest rival,
within five years," Mr McLeod said.
“Ethereum is already light years ahead of bitcoin in
everything but price and this gap will become increasingly
apparent as more and more investors jump into crypto."
price surge that would see its value rise 10-fold over the
course of six months. By mid-December, one bitcoin was worth
close to $20,000 (£15,000), but that was the high water mark
before the tide turned.
A year later, bitcoin is trading at around a third of its peak
value but some cryptocurrency analysts believe the market
might be on the verge of mirroring the gains it experienced in
late 2017. The only caveat is that it might not be bitcoin that
leads the charge this time.
Overstock CEO Patrick Byrne, who was behind the online retail
giant becoming one of the first places to accept bitcoin back in
2014, said that he still expects the mass adoption of
cryptocurrency, without specifying which one.
Speaking to bitcoin enthusiast Naomi Brockwell on her
YouTube channel , Mr Byrne said he remained highly sceptical
of the traditional financial system. When asked if he saw
bitcoin becoming a worldwide currency, he pointed to
countries like Venezuela that have experienced significant
financial turmoil in recent years.
"When people start getting into it is when their own financial
systems collapse," he said. "Whether bitcoin is the one,
whether bitcoin has solved its speed problem, or it's another
cryptocurrency, only time will tell."
Bitcoin's volatile history in pictures Show all 8
Bitcoin has enjoyed the most sustained period of stability in
its history, helping it address the issue of price volatility that
some critics say makes it unsuitable as a form of mainstream
payment.
General consensus among market analysts is that this trend is
likely to continue in the short term, barring any major news
that could send the price shooting in either direction, such as
a large-scale hack on a leading exchange, or positive
regulation implemented by a financial body.
Bitcoin price predictions made by 10 analysts for November's
Finder Cryptocurrency Predictions Survey suggest that the
world's leading digital currency will experience steady growth
over the next year, though the upcoming months remain
uncertain.
“Some of our panellists believe external forces could shift the
market greatly over the next month, and particularly for
bitcoin," Jon Ostler, CEO of Finder.com, told The Independent.
"The upcoming decisions on a Bitcoin Exchange Traded Fund
being approved or not by the US Securities and Exchange
Commission (SEC) and the US Commodities and Futures
Trading Commission (CFTC) deciding whether to accept the
application by ICE backed cryptocurrency exchange, Bakkt, are
expected before 1 December. So at this stage, it’s difficult to
predict exactly what will happen."
Looking longer term, Mr Ostler said bitcoin is expected to
experience steady growth over the next year, with the panel of
experts predicting an average value of $16,732 by the end of
2019.
“With bitcoin being very stable and within a range between
$6,800 and $6,100, it is hard to suggest anything will change
until it breaks this range," said cryptocurrency trader Craig
Cobb, who forms part of the panel.
But if it's not bitcoin, a hint at what this next break-out
cryptocurrency might be was given earlier this week by
Blockchain, the world's most popular bitcoin wallet. On
Tuesday, the company announced it would give away $125m-
worth (£96m) of the Stellar cryptocurrency as part of a major
initiative to encourage its use as a mainstream form of
payment.
Stellar is currently not even in the top five cryptocurrencies in
terms of its total value, according to CoinMarketCap, but while
it may be lesser-known, its backers say it is more
technologically advanced and better suited to large-scale
usage.
"[Stellar's] token, XLM, enables quick, low cost, worldwide
transactions, even when millions of people are using it at
once," Blockchain CEO Peter Smith wrote in a blog post
introducing the giveaway.
Another cryptocurrency that could see massive gains in the
coming months, some experts say, is bitcoin's closest rival
ethereum . Technology expert Ian McLeod of Thomas Crown
Art said that the world's second largest cryptocurrency could
be on the verge of a "monumental, defining global breakout."
Currently trading at just above $200 – down from a high of
$1,350 in January – Mr McLeod claims ethereum could reach
as high as $500 by the end of 2018 and could see its price
"explode" in 2019 and beyond.
“We can expect bitcoin to lose 50 per cent of its
cryptocurrency market share to ethereum, its nearest rival,
within five years," Mr McLeod said.
“Ethereum is already light years ahead of bitcoin in
everything but price and this gap will become increasingly
apparent as more and more investors jump into crypto."
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