It is quite evident that 2018 was a disastrous year for the crypto sector as a whole — with the prices of almost all of the major digital currencies (including BTC, ETH, XRP) dropping by more than 80%.
This drastic fall did not only prevent a lot of new investment from coming into this nascent domain but also stopped a host of different blockchain projects in their tracks — with a whole host of firms having to lay off a majority of their employees due to massive losses incurred all through the year.
Big Show Tonight!
– NO MORE PRICE PREDICTIONS IN CRYPTO.–@PeterLBrandt calls out the twitter chartists– @APompliano , @arjunblj @Melt_Dem – 2019 trends. Bitcoin, Bear Market, ICO, ETF, Eth, EOS, Crypto Funds SEC…– @krakenfx compliance costs.https://t.co/0avvYRAFmZ
— Ran NeuNer (@cryptomanran) January 10, 2019
Status Of The Market
While for a couple of days this year it felt as though the global crypto market was on its path to a full-fledged recovery, this short-lived uptrend was completely destroyed within the span of a few minutes— when the prices of almost all of the top altcoins came crashing down once again.
In this regard, Anthony ‘Pomp’ Pompliano, the founder of Morgan Creek Digital Asset, recently spoke with a respected media outlet about the future of the digital currency sector (primarily through 2019). In Pomp’s opinion, BTC might not drop further but the market as a whole might continue to suffer for some more time.
He then went on to add:
“I think that it’s likely we kind of just go sideways for a while right. You know, if you look at Bitcoin’s price, I don’t know maybe somewhere between like 2500-4500 for a good portion of the year is probably likely based on what we’re seeing”.
Other Big Names Chime in on the Matter
In addition to Pompliano weighing in on the future of BTC, in a recent interview with Meltem Demirors, the CSO of CoinShares, she was quick to note that 2018 saw the erasure of many half-arsed crypto projects that did not have a sustainable business model. Furthermore, she went on to say that as we move into the future, more and more opportunities will emerge within this burgeoning space.
Similarly, Arjun Balaji of CNBC was also quoted as saying that the digital asset market still had some bad days ahead of it. Not only that, he also opined:
“Regardless of how I feel about it a lot of you know the tokens that you see trading in this market they’re virtually zombies they haven’t been fully flushed out of the market yet so until that happens I’m a little skeptical that the markets fully bottom down. I think we’ll see that sometime this year.”