Recently Bitcoin dropped below $6000 and the cryptocurrency market dropped below $300b in total market cap for the first time since November.
The cryptocurrency market surged significantly from November 2017 to January 8th, 2018 and hit an All-Time-High of $830b, but it has been a bloodbath since. The overall market cap dropped below $300b on February 7th, but according to CNBC, experts now expect the market to go on a bull run.
“We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals,” said Jamie Burke, CEO at Outlier Ventures, to CNBC in an email.
As of press time, Bitcoin is trading at $7921 according to CoinMarketCap. Nonetheless, experts see bitcoin go on a bull run and hit $50.000 in 2018, according to CNBC.
“There is no reason why we couldn’t see bitcoin pushing $50,000 by December.” Said Thomas Glucksmann, head of APAC business development at Gatecoin, to CNBC.
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year,”
The technology Glucksmann referenced was bitcoin’s lightning network, which will speed up bitcoin transactions.
Not only Bitcoin is expected to surge, utility tokens have also been predicted a bright future in 2018:
“Utility tokens and assets with a working platform and a clear-cut reason for requiring both a blockchain and their own token, are more likely to appreciate in value this year. Some of these crypto assets will not be used for years, meaning they have no utility value,” told Mick Sherman, co-founder and CEO of Hercules Tech, CNBC.
Since the hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, there has been a more positive outlook on cryptocurrencies, and the market has been slowly recovering. However, whether we are out of the woods yet, we do not know for sure, but things are starting to look up.