This year has been bloody for cryptocurrencies. The price of all cryptocurrencies starting with Bitcoin fell significantly against the USD. Some people believe this would be the end of the emerging industry. Right now, the total market capitalization of cryptocurrencies is more than $ 700 billion within a 12 month period. 2018 notwithstanding, the year 2019 especially for ETH and XRP.
2018 Has Been Rough For All Cryptocurrencies
November was the bloodiest for cryptocurrencies. It has not arrived since August 2011. This came months after the January bear downturn that cost some cryptocurrencies up to 90% of their value. Many known figures in the industry have talked about the condition of the market.
Mike Novogratz, a well-known cryptocurrency billionaire investor, talked about the state of the industry and his investments with Galaxy Digital Holdings.
He said that what happened within the cryptocurrency market over the last 12 months is horrible. However, he also said that it is going to be different for cryptocurrencies in terms of the adoption of tokens and blockchain technology. He said that he likes finance and gaming. In his words:
"I honestly think we are going to experience big adaption in 2019 and 2020. Many items in the digital world like in the e-gaming sector have low value. So, I think people will become more comfortable with participating in blockchain. "
Facebook, a stablecoin for Whatsapp specifically to target the Indian digital payment space. If this happens, Facebook can potentially bring cryptocurrencies into the spotlight with over 2 billion active users. It will also ignite the interest of those who want to invest in blockchain technology but are skeptical about it.
Ethereum To Flourish In 2019
BitMEX CEO, Arthur Hayes, on his part, said that there is going to be an increased interest in Ethereum next year because of the stablecoin fad. Even if ETH has fallen to the third position for market capitalization leaving XRP in second place, Hayes believes that Ether is positioned for the initial coin offering market. In his words:
XRP To Flourish In 2019
Another factor that will be XRP in the realm light is its scalability and transaction oriented nature. This has been the choiced currency for the FinTech industry. Already, many partnerships have been made to this effect.