The guys over at Weiss Ratings have come out with a new report citing some of the reasons why they are very bullish about their bitcoin predictions for 2019 or other cryptocurrencies heading into 2019. In particular, Weiss Ratings is looking on the overall market trends, looking back on 2018 which was a total disaster for the price of cryptocurrencies but when we start to look at the big picture of the crypto economy, the price is one metric and although the price is important without a doubt, a lot of things have happened; more users, more investments into the industry overall. One of the biggest trends of 2018 was the downturn in the ICO utility market as utility tokens are not proving so useful after all, unfortunately. The Weiss Ratings team figured out their bitcoin predictions for 2019 by looking at market cycles and also at their particular rating models which looks to identify coins with a combination of risk, reward, technology, adoption etc. With that being said here are the forecasts and bitcoin predictions by Weiss Ratings along with the writer’s thoughts:
1. Bitcoin will increasingly be used as a store of value:
Bitcoin will be used as a store of value because bitcoin costs virtually nothing to store, extremely efficient transport and of course it is very secure. It cannot be confiscated by any government and really no other asset provides that kind of security or those particular unique properties when it comes down to it.
Bitcoin is amazing when it comes to cross-border payments, storing wealth, even though we had an 8-% decline in 2018, but that doesn’t look at people who bought bitcoin in 2016 or 2015 and are still holding.
2. Bitcoin will reach its new all-time high in 2019:
Weiss Ratings is specifically focusing on looking at the previous trends and how bitcoin has had major runups followed by intense corrections and 2019 might be the year we might see another runup.
Understanding that the markets do move in cycles and the future may be very different from the previous cycles but chances are that it’s not going to be as different as a lot of people might like to think that it’s going to be. All the people out there calling for bitcoin to go to zero miss the point on the whole idea of this technology. 2018 might have been a good year in terms of being able to clear out some of the tourists who were here just for the quick games and not for the technology or the wider movement or the wider industry as a whole and those tourists will be back when the new all-time high starts happening. They will be the ones who will be buying bitcoin from you when its more than $20,000. The groundwork has been laid for the next bull run to happen.
3. Select Altcoins will rise from relative obscurity to new all-time highs:
An important thing they mentioned here is ‘a select group of altcoins‘. There are some amazing altcoins in the market without a doubt. In terms of some of the utility tokens, for example, remember they are startups and 90% of startups fail. These utility tokens may not have so much utility, they may not have a network and if there is no network, there is no utility so allot of utility tokens might disappear and exchange tokens will probably continue to be incredibly popular.
4. A select group of cryptocurrencies will reach a multi-trillion dollar market caps:
Particularly the cryptocurrencies which are focused on building the internet of the future can reach a multi-trillion dollar market cap.
We do need a more sustainable and equitable internet that is censorship resistant and takes the power away from major corporations which have taken over the internet. The internet of the promises of the 90s and the internet of the reality of today are two very different things. It was very hard to predict in the 90s what could have become of the internet. A lot of new exciting things are being developed.
5. A select group of cryptocurrencies will start to disrupt banking:
A select group of cryptocurrencies particularly Stellar Lumens and XRP will start to disrupt banking.
This predicting and the 4th predicting, we are not sure if this is actually going to happen in 2019, maybe we are going to see the start of this happening and these are long-term trends that we are looking at for 2020 and beyond to see really see big shake-ups happening in terms of something like XRP or Stellar Lumens overthrowing the current banking order to the extent that they can. Perhaps we can really see SWIFT, for example, being put on notice by XRP. It seems that XRP and SWIFT are the biggest competitors to each other and if banks actually start using XRP it could be very big.
6. Bitcoin Me-Too coins may fade away:
The bitcoin alternative versions are going to have a very hard time moving forward. So much damage has already been done to the communities of Bitcoin Cash and Bitcoin Satoshi Vision for example and others such as Bitcoin Gold or Bitcoin Diamond don’t even have a big community to be mentioned about. The recent drama behind Bitcoin Private’s secret pre-mine etc. The bitcoin knockoffs will continue to struggle.
7. New coins will skyrocket to the top 10 spots:
Perhaps even coins like Litecoin which actually Weiss Ratings put in their Bitcoin Knockoff or Bitcoin Me-too category which is an interesting thing to see but perhaps litecoin will be knocked out of the top 10 by new chains moving forward even though not a lot of people are talking about these currently but not a lot of people were talking about most things before they became the next big thing.
What are your bitcoin predictions for 2019 and your thoughts on the Weiss Ratings forecasts? Tell us your thoughts in the comments section below.
Disclaimer: The following article is not financial advice. It depicts the thoughts of the writer on bitcoin predictions and cryptocurrency forecast and not coinnounce.com or any of its associates. The readers are advised to do thorough research and analysis before investing or trading in any digital assets such as bitcoin.