Anyone who held cryptocurrency in 2018 is probably still feeling the effects of that. It was a turbulent year, to say the least, with prices down over 80% compared to the highs at the end of 2017. Things were not all doom and gloom though, despite the fall in prices. We saw large numbers of companies and groups pledge themselves to cryptocurrency, and even though the price is falling, generally speaking, everything else is trending in the right direction which is very good to see. What will come in 2019 though, and where will we be at the end of the current year?
After all-time highs of $830 billion in the cryptocurrency market, 2018 saw it fall to just $100 billion, which works out at a fall of 87%. One of the most significant growth was in the crypto betting market. While the intentions of many people to join in this year and invest is strong, that investment needs to come forward and happen quickly to ensure the market doesn’t fall any further, as that could put us close to the edge.
One of the big pieces of news has been that in 2019 we are expecting to see a number of large institutions enter the market. In 2018, we had five million active Bitcoin wallets, but the biggest institutions named would bring more than that number in the shape of their own customers. If two or three of the leading institutions joined in then that would see the number of Bitcoin wallets rise by a huge number, which would be great news.
Of course, not all of their customers will jump on board and invest in cryptocurrency, but even just a small percentage from each one would have the ability to turn the market completely around. Should all of this happen at the same time, a big surge could be on the way in 2019, to turn things around and that would no doubt see a big rise in the price once more.
Even if this investment doesn’t come straight away, the fact that it is being spoken about is fantastic news for cryptocurrency. Not only does it show that people are not scared to join in, despite the recent drop in value, but it also shows that people are still intrigued and interested in the currency.
What we are seeing at the minute is low prices and a chance for newcomers to come in and get involved for a reasonable price. There doesn’t appear to be a shortage of newcomers wanting to get involved, which is a big positive as if the market was on the verge of collapse, no one would be queueing up to try and get involved.
If the trend of institutions coming and getting involved with cryptocurrency comes to life then expect the market to follow suit and also come to life. Just a tiny percentage of their customers would make a huge difference, and it could be the start of a strong upturn in the value of cryptocurrencies if it does happen.