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The unfortunate side effect of making specific predictions about future events is that you will eventually have to measure your claims against reality.
For cryptocurrency bulls who achieved the 2018 price targets in December and early January, that showdown is rapidly approaching and such a price forecast has been around social media this week .
Revisitation of a "Flippening" Call by Ethereum Bull
On January 2, ConsenSys Capital co-founder Andrew Keys played the new year with an article titled "18 Blockchain Predictions for 2018."
Like many cryptocurrency analysts, Keys anticipated that the cryptocurrency market would continue to expand in 2018, further extending the historical rally of the previous year [19659003] "There will be a crypto-winter, even if not in the 18, given that the industry is in the spring of its youth, "he wrote," The total market capitalization of the blockchain technology-based digital assets will exceed $ 2 trillion US dollars by January 1, 2019. "
Instead, the market capitalization of cryptocurrencies peaked at the beginning of the year less than a week after Keys published his article. While technically it is still time to change, it is increasingly doubtful that the market – which is currently only a day away from a historic low – will reach a high of around $ 835 billion in January, much less $ 2 trillion dollars , before the end of the year
He also predicted that the long-awaited "Flippening" would occur this year, passing ethereum past bitcoin to become the most precious cryptocurrency. The ethereum price would eclipse $ 2,000 during this process, he said, raising the market capitalization to over $ 200 billion.
Wrote:
"The price of ether will exceed $ 2,000 in 2018. Ether will continue to outperform bitcoin, and the total market capitalization of ether will exceed that of bitcoin in 2018. I Bitcoin's governance problems, reluctance to evolve and extremely high commissions could bring it to its end Bitcoin Cash has a serious chance to outshine Bitcoin Filecoin's market capitalization will exceed that of bitcoin by 2023. "
Lambasting's bitterness reputation as a valuable digital store as "the less interesting use of the blockchain", Keys argued that, in retrospect, the bitcoin would be seen as a -primitive form of blockchain technology.
"Bitcoin is the 0th generation of blockchain technology … the opening act … the drug gateway … the first inning … MySpace," he wrote, adding that the flagship cryptocurrency is "the greatest modern world- abacus day."
At present, however, the modern abacus is proving to be a much more effective investment vehicle in 2018, to the extent that it can be said of any activity whose price has seen a decline from peak downstream of 69 percent.
That's because ethereum recently quoted for only $ 170 – down 88 percent from its all-time high – and now has a market capitalization of about $ 21 billion. Bitcoin liquidity, meanwhile, has a market capitalization of less than $ 8 billion, while bitcoin continues to hold nearly $ 110 billion.
At one point this week, bitcoin h dominated by a 58% dominant share of the cryptocurrency capital cap, while ethereum stood at less than half of 22% of the peak from the beginning of the year reached in early February
Calling the cocoon Stablecoin [19659005] In all honesty to Keys, some of his predictions turned out to be prescient. For example, he accurately predicted that 2018 would see a rapid proliferation in the stablecoins, something that has been confirmed. Just this week, two regulated New York companies, Gemini and Paxos, have unveiled stablecoins that will be fully supported by USD physicists held by US banks.
However, Keys's prediction that an important financial institution would issue a stablecoin has not been proven correct, although there is speculation that Bakkt – the cryptocurrency subsidiary recently established by the Intercontinental Exchange (ICE) – could release a of these products after its launch in November.
Close-up image of Shutterstock
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