Bitcoin was pretty much a disappointment for bullish investors in 2018. Although the digital currency started off the year in a highly upbeat mode, it entered the bearish market, in no time, facing consecutive lows, one after the other. In fact, the cryptocurrency is still trying to break over the $4000 level at the press time. Unsurprisingly, bitcoins downward spiral has rubbed off on other cryptocurrencies as well.
Looking at the value of Ethereum, one might even think that its glory days are almost over. Ethereum’s value was $1,500 in December in 2017. However, this year its value went down by more than 90 percent. Now, this cryptocurrency is being traded below the $110 mark.
However, things were quite the opposite in 2017, when the market reached an all-time high of nearly $20,000 for Bitcoin.
But then, here’s some good news: the prices of bitcoin has stabilized in the last few days. So, some bulls are predicting that its bad phase may have gotten over. Even so, the fluctuating prices are not new to the bitcoin world. Since its launch, bitcoin has corrected itself no fewer than 80-90% times over.
Regardless of the fluctuations, some industry market experts are speculating that Bitcoin will remain a dominant cryptocurrency of the future. As the first mover and underlying technology, it will help address a lot of issues. Recently published A.T. Kearney report also concurred with the above viewpoint of the experts that Bitcoin will be regaining its market dominance by the end of 2019.
So, though the prices may have fallen, its foundation is strong enough to withstand all sorts of fluctuations. In fact, the industry has been growing in the background, laying the foundation to take on an even bigger bull run than before.
That said the big question still is: Whether cryptocurrency will gain broader acceptance any time soon?
According to, Mike Kayamori, CEO of Quinone, a Japan-based cryptocurrency exchange platform, the current gloom in the crypto market is due to lack of newness. There’s nothing new he says. The bitcoin market is in need of a catalyst that could propel it forward. Having said that, he’s bullish about the Japanese market, as Japanese exchanges have adopted new regulations and are gearing up to welcome new industry players.
Japan has been quietly yet consistently moving towards increased adoption of cryptocurrencies and at the same time setting up regulations to protect investors. In fact, it has been reported that the Japanese Financial Services Agency has plans to regulate Initial Coin Offerings.
Kayamori, further added, that he expects Bitcoin to rebound at the end of the year. And with the arrival of Fidelity Digital Asset Services and a series of other investor-focused products in 2019, the industry might witness new momentum and sentiment that might drive a drastic rebound of this cryptocurrency, that might propel it beyond its all-time high of nearly $20000. If you want to learn more about Bitcoin, and the technology on which it runs, you can directly consult top blockchain technology companies.
Author Bio: This is Jennifer Warren, a Content Crafter for GoodFirms – a review and research platform for mobile app development, web development companies and more. The company publishes research reports on a time to time basis, the latest one is on PPC Management Research.