The world’s first decentralized cryptocurrency, the Bitcoin was launched in 2009. The journey so far may best be described as a roller coaster. But, it’d be quite hard for Satoshi to not agree the ride has been jolly. Even if he ever had it in his wildest dreams that cryptocurrencies would, one day, exert such a huge impact on the world’s financial landscape, he definitely would not have thought it could be so soon. Today (26th April, 2018), there are 1598 cryptocurrencies are listed on coinmarketcap.com and many more coins exist that are yet to be listed. If we factor in the coins that are still in development, we may be having a very large number on our hands. It’s has become very hard to not believe that cryptocurrency is here to stay. But what does the future hold in the short term? Here are the predicted trends for the remainder of 2018.
More ICOs to come up
2017 might as well be tagged the year of ICOs in the cryptocurrency market. Not less than 230 ICOs were developed and they enjoyed varying degrees of financial backing from those that took an interest in them. By the end of 2017, there were already numerous ICO stories that have turned out very successful. Many backers made a fortune by taking the risk of investing in these less-heralded coins. 2018 has witnessed countless ICOs already and the trend is expected to continue. It is worthy of note, though, that not all these ICOs have been successful. Some have even turned out to be outright scams and the investors have permanently lost their money. However, it is safe to say that investors are now able to better differentiate schemes that have the potential to be successful from scams. This spirit of discernment would become very important in the coming months as more and more developers launch their currencies through ICOs.
The Bitcoin dominance would continue
Coming into the year, it was widely predicted that the position of Bitcoin as the alpha of cryptocurrencies may be threatened in the New Year. This is due to the already existing problems of prohibitive transaction fees and lengthy confirmation time. Against all odds, Bitcoin still retains its position at the top and there doesn’t seem to be any coin capable launching a reasonable challenge anytime soon. Bitcoin has evolved a lot since its creation and the current phase of its life cycle seems to be the storage phase. Many now recognize Bitcoin’s importance as a store of wealth. A lot of money appears to be entering the cryptocurrency market without going out.
New All-time Highs
Looking at the present health status of the market, this seems to be a very bold prediction. Bitcoin lost almost 80% of its value in the first quarter of the year but it is gradually recovering. Such dips appear to be normal in the cryptocurrency market. It is predicted that a currency’s value will shoot much higher after every retracement survived. This is expected in 2018 also and the Bitcoin is expected to have crossed the $20000 dollar mark by the end of the year.