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The uncertain future of cryptocurrencies in 2018

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Cryptocurrency in 2018

2017 was the year of turbulence for the cryptocurrency market due to a lot of reasons. The year experienced a number of hacking instances which left the Crypto enthusiast to lose hope in it. Tons of initial coin offering were put forth to choose from, also the unexpected Bitcoin price variations.

Some of the notable cryptocurrencies have been observed to gain a lot of attention in the year of 2017. At the beginning of 2017 Ripple had a market price of about $0.0060 but eventually as the last quarter of the Year came nearer the prize started hovering around $1.00. This itself shows the unexpectedness and the uncertainty in the cryptocurrency world, therefore, it is not possible for almost anyone to predict the market situations in the future. As the cryptocurrency market is mostly driven by the people itself, the mindset of the people plays a major role in deciding the future of the market. Ripple shot up in the charts by almost 1000 % which was probably due to the rumor in the news. The rumor was that one of the largest cryptocurrency exchange Coinbase was about to incorporate it into itself, in order to facilitate the seamless exchange between the Fiat currency and Ripple. Following which the reaction of the people was as expected. Most of the uneducated investors in the field came forward to buy the cryptocurrency and hence increasing the market price.

Ripple

Ripple can be considered as a centralized form of cryptocurrency with ripple labs being at the center. However, it has never been proved that the company targets selected people in order to manipulate them in buying the cryptocurrency. Ripple is like the bank of the cryptocurrency world, which helps large companies and Enterprises for huge transactions in a simple and faster way. However, it can’t be denied that the Ripple technology is completely out of the track of Satoshi Nakamoto’s vision of decentralized cryptocurrency.

 

One of the key persons from the ripple labs came out of it and initiated the stellar network. The unseen reason behind this was the doubtful attitude towards Ripple Network, as the network was never tested for such large-scale usage. Hence the Stellar network has completely Re-architected the consensus protocol of Ripple and introduced a byzantine fault-tolerant blockchain.

TRON

Tron was also one of the major players of the 2017 and is further speculated to gain much popularity in the year 2018. The network has no actual working product but still, it is a $14 billion ICO. This is a clear indication that how the ideas and beliefs of the people can affect the Crypto market. The network managed to increase by 3650% in a duration of one month just buy its white paper and its token. The coin managed to enter the list of top 10 cryptocurrencies due to some brilliant marketing moves were taken by the founder of the network, Justin Sun.  John McAfee also played a major role in advertising it through his Twitter handle. His 500,000 followers were greatly influenced by his statement and the currency managed to rise from $0.04 to nearly $0.29 instantly.

 

Following such amazing experiences, the network had to experience a downfall due to a lot of negative news in the media regarding it.

 

Let us have a very positive speculation for 2018 and hope that the market price is not just fluctuated due to the news in the media but owing to its real potential in solving some problems.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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