According to industry luminaries, there are reasons to believe that cryptocurrency will remain on a sustained run of growth for much of 2018.
Even after some controversial losses in the value of cryptocurrencies as commodities, speculators and stock market traders still see opportunity in the digital money.
In fact, it’s likely that cryptocurrency will bloom into greatness once again during 2018, but this time it will be solidified as a dynamic form of tradable currency with stock market legitimacy.
According to stock market prognosticators, some new investments in blockchain technology and the function of the currency as a commodity will push the price of Bitcoin to $50,000 per coin.
Then there is the nebulous oncoming popularity of so-called utility tokens which will be able to generate real value using blockchain technology, poised to challenge currency like bitcoin for supremacy with newly updated operations in blockchain functionality.
Even with the relatively recent violent shifts in the value of cryptocurrency, as bitcoin surged upward, followed by a dramatic selloff that left some shook, experts say that the market could ramp up into the trillions in 2018.
In fact, after the volatile market finally calmed down and Bitcoin, the progenitor, and preeminent cryptocurrency, fell to $6000 per coin, it eventually managed to creep its way back up to $7000 per coin at a steady, respectable pace.
This renewed stability is an example of why it’s important to recognize that even after losing approximately $550 billion in value, the trading of cryptocurrencies such as Bitcoin and Ethereum remain viable in the present and future.
Looking forward, even over the next few months, industry insiders seem convinced that a rally around cryptocurrency is bound to happen and they are positioning themselves to profit.
With the coming of new regulations regarding the handling and trading of cryptocurrencies, and the introduction of significant traders and financial institutions into the cryptocurrency market, digital currency is bound to become a much more solvent investment.
Experts see this rampant stabilization culminating in early 2018 and resulting in a boom in the value of cryptocurrencies over the next year and the entry of other competitors.
In fact, the same experts believe that this potential for growth could cause Bitcoin’s value to shoot up from 7000 per coin to 50,000 per coin.
Additionally, thanks to new advancements in technology such as the Lightning Network from Bitcoin, which will see transactions using the clandestine digital cash dramatically increasing in terms of processing speeds, bitcoin will be more widely used.
This will add additional value to bitcoin as a currency, making global trades and transactions more agile and efficient, and as a result making bitcoin more attractive as a commodity.
One signal that cryptocurrencies are recovering is the bullish optimism toward the release of another cryptocurrency backed product on major exchanges.
Several candidates in the form of currencies powered by blockchain technology have been pressing forward to compete with Bitcoin.
Consequently, traders are counting down the minutes until the development of a cryptocurrency backed exchange-traded fund or ETF.
In 2017 the CME and the CBOE both developed their separate bitcoin futures products that could be actively traded in yet another sign of bitcoins formal acceptance and solidified mainstream appeal.
Additionally, the CEO of NASDA, Adena Friedman, announced that they were looking into cryptocurrencies that could be introduced to the exchange, seeming to hedge her bets before the establishment of a bitcoin ETF.
It is important to note that there is still currently no cryptocurrency ETF in operation, which would enable the tracking of asset prices while allowing for the trading of bitcoin without requiring individuals or entities to buy the cryptocurrency.