There is no chance that the cryptocurrency and blockchain space will again see "growth of 1,000 times", the co-founder of Ethereum (ETH) Vitalik Buterin stated in an interview with Bloomberg September 8th.
At an Ethereum and blockchain conference in Hong Kong, Buterin told Bloomberg that the rapid growth of the crypto and blockchain industry is reaching a "ceiling" and moving from "just people interested" to stage of "real applications of real economic activity".
Buterin explained that the period of explosive growth in the sphere is probably coming to an end because the level of superficial awareness of the sector has grown significantly and is likely to stabilize:
"If you talk to the average educated person at this point, they probably have heard of blockchain at least once.There is still an opportunity for the further growth of 1,000 times of anything in space. "
According to Buterin, the Initial strategy seen in the last six or seven years in the crypto community – based on coin marketing with the goal of widespread adoption – has led to a massive increase in prices and to the market capitalization of many cryptocurrencies, but now " it is approaching a deadlock ".
Crypto markets saw a dramatic decline in terms of total market capitalization of all cryptocurrencies in 2018. In January, the total market capitalization of all cryptocurrencies reached $ 828 billion. The peak of market capitalization was followed by a gradual downturn – with an upward rebound in May – which led to the current figure of $ 198.8 billion, the lowest point since the beginning of November 2017, according to CoinMarketCap.
1 year total market capitalization of all cryptocurrency charts Source: CoinMarketCap
However, while cryptographic markets they saw a significant decline in 2018, the current figures are still much higher than those of 2017, when total market capitalization was around $ 17-20 billion and the major cryptocurrencies like Bitcoin (BTC) and Ethereum were traded for most under $ 1,000 and $ 12, respectively.
In this regard, "Bitcoin Jesus" Roger Ver the old Cointelegraph that the recent bear market "seems the opposite of an accident", since "BTC has increased by 58% for the last year and 1048% in the last two years ".
In the bear market, several experts have At the end of 2018, suggested different scenarios for the dynamics of cryptographic prices. At the end of August, Tom Lee of Fundstrat argued that the BTC "could end the year explosively", citing a correlation between it and the emerging markets and predicting that the price of Bitcoin could increase to $ 25,000. ; year
In July, Alexis Ohanian, co-founder of Reddit and VC Initialized Capital, reiterated his position that Bitcoin and Ethereum will trade at $ 20,000 and $ 1,500 respectively by the end of 2018.
in July, Julian Hosp, co-founder and president of the cryptography startup, TenX said he was still "fairly confident" that Bitcoin could reach $ 60,000 in 2018.