My personal optimistic prediction for the cryptocurrency Bitcoin for the year 2017 was 10,000 $, but it went to over 20,000 $ and all other cryptocurrencies (Altcoins) followed Bitcoin to new All-Time-Highs.
The STEEM cryptocurrency reached an All-Time-High of over 8 $ for example and in my opinion this was still undervalued, because of the great technology, the total supply and all the tons of Dapps on the STEEM Blockchain!
This was amazing and just unbelievable for me and made me optimistic that this trend will continue.
I think almost everyone believed that the uptrend will continue, but many big investors began to sell their stakes to realize the gains of last year and so the whole cryptocurrency market began to crash... The whole year I hoped that the downtrend will end and every month I thought this must be the bottom.
In the moment it seems like the bottom is reached and the next bull run could come soon, but maybe it will go down even more, we don't know...
But nevertheless you shouldn't stop to believe in the cryptocurrency market and new all time highs, because there is no doubt about that the cryptocurrency market and the blockchain technology is the future!
In long-term we will see more cryptocurrency booms and the real hype will even just happen in some years, but I think that we could see another un-expected all time highs in the next months.
Here are some reasons why I'm thinking so:
1: Bitcoin reached 20,000 $ last year WITHOUT institutional investors, ETF's and the fully implemented lightening network!
2: Bitcoin even reached the 20 K all time high without big investment houses like Goldman Sachs, Morgan Stanley, Citigroup etc.!
3: More and more companies are testing the blockchain technology for different uses and almost every day there is new blockchain based startup
4: Cryptocurrencies are the better gold and silver! The value of precious metals comes from it's "limitation" and usabilities.
But who knows how much gold and silver sources will be discovered in the future and how much gold & silver is already mined?
So there is no specific limitation for precious metals, but cryptocurrencies have a specific amount of how much coins can be mined.
A often heard negative argument against the Bitcoin mining is that it's consuming a lot of energy to mine the coins and that this is not good for the environment, but if you are comparing it with the energy costs of gold mining, it is much cheaper and better for the environment. In addition no forests are destroyed for reaching the gold in the earth, no water has to be used for washing out the gold partikels etc...
Another positive argument is that cryptocurrencies are easy to send & receive globally and so they are more usable as payment option as precious metals.
5: Cryptocurrencies are much more transparent as FIAT money for everyone and are already changing the world, because you don't need a bank account for it and more & more merchants are accepting it as payment option. Many people around the world have no bank account and can't send or receive payments.
6: The traditional currency market has a market capitalization of multiple trillions every day and the cryptocurrency market even hadn't a total market capitalization of 1 trillion in the last all time high phase.
7: Cryptocurrencies are not only payment options and investment objects for speculations. I think cryptocurrencies are also the future of company shares.
What do you think about this topic and are you optimistic to see new All-Time-Highs in the cryptocurrency market soon too?
PS: This article was published with the nice @esteemapp Surfer Software by @good-karma. Visit the profiles for more information.