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A senior executive in one of the oldest and largest cryptocurrency processors said he firmly expects the bitcoins to rebound within the next year but that altcoin prices will never see their peaks of 2018. [19659003] Sonny Singh, chief sales officer of BitPay, said during an interview with Bloomberg that his company has "never been more bullish" on the cryptocurrency, noting that adoption and infrastructure development are moving "at full speed" even though the market has lost about 80% of its value since the January peak.
However, he notes that this infrastructural development has largely focused on a single cryptocurrency – bitcoin – that Singh expects to constantly eclipse most of its alleged destroyers.
"[Altcoins] will never come back again, I think, in the same way, a bitcoin will come back in. You know, Fidelity, BlackRock, are not launching altcoin products, they launch bitcoin products, so bitcoins will resume next year" when these mainstream products they are starting to see widespread releases, he said, adding that the initial market for coins (ICO) is "in a lot of trouble".
In his point, altcoins as a group were hit by the precipitous drop in the market to a much greater extent than the bitcoin, whose market share in recent days has risen to the highs of 2018.
Singh said he was not sure that the bitcoin market has still found the fund, observing that it seems that investors are looking for a "decisive moment" or a "catalyst" that will stimulate the next rise in bitcoins.
Lately, he explained, investors have widely exchanged rumors about whether or not large financial institutions can launch products for this nascent asset class. As a result, bitcoin price rallies are unlikely to see anything more than pace and start as long as these rumors do not materialize, as if Goldman Sachs actually start to trade cryptocurrencies, BlackRock launches an ETF bitcoin or Square starts processing payments bitcoin.
Singh believes that such a catalyst will occur in the medium term, probably at some point in 2019.
Close-up image of Shutterstock. TradingView Charts.
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