The correction the crypto market experienced in 2018 resulted in a 69 percent drop in the price of Bitcoin, with some other cryptocurrencies like Binance Coin and EOS recording smaller losses.
"The market seems to have recalibrated after the entry of so many new market participants with different beliefs and expectations than those who held Bitcoin prior to 2017. Neither long-term investors nor new speculators have changed their positions much this summer. This suggests that the market will make a major move, for better or worse, only in response to a fundamental change."
Experts including ShapeShift CEO Erik Voorhees, billionaire investor Mike Novogratz, legendary venture capitalist Ben Horowitz and Coinbase Chief Technology Officer Balaji Srinivasan believe that the crypto market will recover in the months to come.
Voorhees explained that, while the bear market is not completely over - given the 80 percent drop in the valuation of the crypto market - the market seems to have recovered from the worst part of the correction.
In the months to come, it is likely that the crypto market will continue to recover gradually but experience large temporary spikes.
With BitGo and Coinbase already approved as trusted Bitcoin custodians in the United States market and major banks Citigroup, Goldman Sachs and Morgan Stanley preparing to serve customers in the crypto market, Novogratz explained that in the upcoming months, institutions will enter the market.
If institutions do enter the crypto market, Novogratz emphasized that the price of Bitcoin will likely achieve a 30 percent increase by the end of 2018.Bubble-Burst-Build-Rally TrendAccording to Coinbase Chief Technology Officer Balaji Srinivasan, he first gained significant confidence in Bitcoin and the crypto market after it survived the 2011 crash.
Starting with Goldman Sachs, Citigroup and Morgan Stanley developing trusted crypto custodian solutions, Bakkt, Nasdaq and many other regulated financial institutions in Japan and South Korea have started to find ways to support the crypto market.
The bubble-crash phase of Bitcoin and the crypto market was January to July, and as the market has done since 2011, the cryptocurrency market is expected to recover.
Based on the trend of the market since 2011 and its ability to recover to new all-time highs after a major correction, it is highly likely - given the high developer activity around large blockchain networks - that the cryptocurrency market will recovery by the end of this year as many experts predict.
Why the Crypto Market Will Likely Rally by the End of 2018: Experts Discuss
Publicado en Sep 27, 2018
by Cointele | Publicado en Coinage
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