Some experts said that after a hot development period, the digital money market will have a reorganization and elimination of inappropriate currencies in the coming time.
Market is not quiet
The digital money market in general and Bitcoin in particular had 1 year of unfavorable transactions. The value of Bitcoin has fallen from the peak of nearly $ 20,000 / BTC in early 2018 transactions to $3,500 in the last trading session of 2018. Thus, within nearly a year, Bitcoin lost nearly 80% of the value.
Similarly, many other digital currencies also have strong corrections. The second popular Ether – electronic currency after Bitcoin also dropped from $1,432 / Ether in January 2018 to about $150 / Ether at the moment.
Besides, 2018 also witnessed the failure of Bitcoin Cash. Contrary to the expectation of outstanding growth in early 2018 with the ability to replace the Bitcoin, this digital currency also experienced a sharp decline in the last months of 2018.
Judging by the prospects of digital currencies in 2019, many experts think this may be a year of growth again. However, the Bitcoin currency may continue to lose against other currencies. The recent lackluster development of Bitcoin and the lack of technical support in general will lead to the collapse of this currency. As technology companies invest in Blockchain technology and spend the time and energy needed to nurture new digital currencies, some experts believe that Bitcoin will not be able to grow in keeping with the growth of other digital currencies.
According to Samuel Leach, virtual money expert and founder of Yield Coin, Bitcoin may not be able to follow the upward trend of cryptocurrency in 2019, even when some countries recognize the value of money. The main reason lies in investors’ apprehension before the strong fluctuation of this currency in recent years.
The most likely possibility for Bitcoin is that the currency will continue to receive recognition from a number of portfolio swaps (ETFs) and futures markets. Bitcoin will remain a highly speculative trading instrument for some, but will not become a popular means of trading and storing value, Leach added.
Meanwhile, compared to Bitcoin, other currencies appear to be ripple, often with a team of solid engineers standing behind to support constantly, help develop and ensure the stability of currencies in the future.
In addition, in that context, stable currencies (stablecoin) that are designed to counter strong volatility and unstable prices in the electronic money market will quickly rise to dominate market share. Previously, Bitcoin failed to become a stablecoin due to unpredictable fluctuations and strong price fluctuations in a short period of time. The value of bitcoin fluctuates according to the speculation trend and the purpose that traders are willing to buy and sell.