Crypto Trends to Watch for in 2018
The advent of the blockchain has set in motion a crazy whirlwind of technological advancements. It is in fact viewed as the most significant innovation of the century. 2017 has particularly seen a revolutionary breakout for the crypto industry as a whole. As we head into 2018, here are a few analyst predictions to look forward to in the course of the year:
Crypto Market Capitalization
The total market capitalization for the cryptocurrency market currently stands at approximately $350 billion. This figure is expected to exceed the $1 trillion mark. This prediction is hinged on the continued institutionalization moves taking place within the space. CME and CBOE are among the financial institutions expected to launch bitcoin futures in the next few weeks. Such moves will increase investment and speculation within the space and lead to unprecedented highs within the year.
New Bitcoin Record Highs
With bitcoin ending the year way past the $10,000 dollar mark, it is expected to exceed triple that value by the end of the next year. According to billionaire investor Mike Novogratz, it could even go as high as $40,000 by the end of the year. The currency which only started the year at $1,000 has seen a meteoric rise in value especially in Q4 2017. The biggest factor contributing to its continued growth is the fact that there can be no supply response to match rising demand. The limited supply ensures that its price will continue to rise.
The Rise of Digital Commodity Markets
The advances within the blockchain sphere are expected to create completely digital marketplaces for the crypto community. This will be especially applicable in the services that can be electronically verified and delivered. Cryptocurrency mining for instance might very well get to the next level with miners offering their hash power for a fee above the native rewards offered on the different platforms.
More Governments Embracing the Blockchain
A number of governments are already toying with the idea of having their own virtual currencies. Government bans have not been able to contain the crypto frenzy. Some are therefore opting to exercise a measure of control over the craze by issuing their own tokens. Even though this contravenes the very essence of the decentralized platform model, it is a reality that the crypto community will have to contend with in 2018.
Sweden, Japan and China are among those already working on the concept. Many more are expected to join the bandwagon in the coming months.
Major Changes in the Altcoin Landscape
Altcoins have been keeping pace with the rise and fall of Bitcoin. The top players in particular have shown a connection with the top market coin. It is expected that in 2018 major players such as Ethereum, Ripple and Altcoin will experience a major growth spurt. These still have lots of room to scale and the coming year will provide the opportunity they need to reach their potential. Some of the smaller altcoins will however be wiped out and this will also help push the promising ones to greater heights.