Over the past 12 months, many downtrend events in the industry have raised the question of whether the future of blockchain and cryptocurrency will be as successful as their past. Despite the fall in the price of digital money, trading volumes in the industry are growing, technology continues to evolve, and more and more people believe that cryptocurrencies are the real future of finances. ChangeNOW, the leading crypto exchange service, is going to find out if things are looking good for cryptocurrency and blockchain in 2019.
2018 was a difficult year for all the cryptocurrencies on the market. It didn’t go easy on miners, coin-sellers, and larger exchange and trading platforms. Investors faced serious losses due to the misjudged future cryptocurrency’s price. However, it was a great year for PR agencies, lawyers, accountants, scientists and other professionals that push the industry forward. A huge part of the invested money was given to the people who can figure out the cryptocurrency price trends, the future value of cryptocurrencies and whether there will be such thing as cryptocurrency in the future at all.
What happened in the past?
To properly understand the current state of the market and to make correct predictions we must understand what was the past of crypto money. Bitcoin wasn’t the first digital currency but it was the first to be widely adopted. Satoshi Nakamoto published the document explaining Bitcoin in August 2008 and started to mine it shortly after. By 2010 Bitcoin was well-known and gained significant popularity. The new money ideology is spreading fast. It’s fast, it’s safe and anonymous, it doesn’t require banks or government control.
After 2011, new currencies started to enter the market. Key companies like BitPay and Coinbase appeared. The general public started to be interested in the cryptocurrency as in the future money. It was 2013 when the market saw the first big crisis. Bitcoin was mined with two networks and it had shaken faith in the coin. The price experienced a jump from $1000 to $300 but recovered in a few years. That recovery cheered up the community and investors. Nobody really believed that the future of blockchain and cryptocurrency would see anything but steady growth.
In the following years, the market grew bigger and bigger, new ICO were coming faster and raised more money. Such popularity welcomed unexperienced people to the market. The fraud became a huge problem for the cryptocurecy public image. The crisis of 2018 was inevitable and we still the aftermath.
What will happen in 2019?
We hope we have proved our goal and now you do understand that however short it may seem the history of digital money was not linear at all. The market experienced a fair share of ups and downs.
We still can see the stagnation after the big crisis. However, the market is slowly leaning towards government control, and more importantly — government support. It’s a new thing which makes it difficult to understand how it will affect the future of cryptocurrency. Most of the analytics agree that 2019 won’t be easy. It will be a year with less new currencies, more price downtrends and weaker coins will never recover.
Summarizing, we can say that as the market process new information and revises its needs, some cryptocurrencies themselves will lose some of their value. At the same time the value of companies that provide marketing services for cryptomarket will be growing.