Crypto has been through a lot in the past 12 months, and while the last year’s situation indicated that big things might happen, 2018 quickly crushed such hopes.
On December 16th 2017, the crypto space, led by Bitcoin itself, reached the heights that no one even imagined a few years earlier. Each Bitcoin was valued at $19,000, and the market was worth hundreds of billions of dollars. The situation did not last, however, and the market crashed in early January 2018, bringing digital currencies back down.
For months, Bitcoin was managing to resist the bear trend at around $6,400. However, this situation changed in mid-November, after the second market crash in 2018. The number one coin soon dropped down to $3,200, and many believed that this is only a beginning of a downward spiral that will take it all the way down to zero.
However, that is when something happened, and the situation took an unexpected turn. On December 17, exactly one year after BTC hit $19,000, the coin started growing once again. For an entire week since the crypto market has been trading in the green, and experts are still struggling to find a reason why.
The rally brought Bitcoin’s price to above $4,200, effectively increasing its value by $1,000 within a few short days. However, the growth of the crypto market managed to overperform even Bitcoin itself, and the market grew by $40 billion within a single week.
As mentioned, other coins joined the new surge, with EOS having the largest gains of over 20%. While Bitcoin Cash and c also saw massive increases, many believe that they are still attempting to stabilize after the mid-November BCH fork.
The rally has provoked expert opinions and educated guesses from analysts around the world. While some believe that this is a beginning of something big for the crypto space, others claim that it is just a temporary boost which will quickly end. Meanwhile, experts are also trying to find a reason behind the boost, with some of them, such as eToro’s Matt Greenspan, believing that it has something to do with trading strategies.
According to Greenspan, people are trying to reduce their own exposure during the holidays by closing out high-risk sell positions. This creates higher prices, which results in a rally such as the one that the market is experiencing right now. However, Greenspan’s explanation also predicts that things will change soon, and that crypto prices are about to slide back down.
Unfortunately for traders, this has already started happening, and the market is experiencing new massive drops in prices as of December 25th. Bitcoin price has already dropped down to $3,828 at the time of writing, with the coin losing around 10% of its value in the last 24 hours. Bitcoin Cash, the fourth largest crypto by market cap, is experiencing the greatest losses among the top 10 largest coins, with a drop of over 23%.
What will happen next in crypto?
It appears that Greenspan’s prediction was the right one after all, at least for the time being. It is impossible to say if cryptos will just drop down to the prices experienced prior to the rally, or if they will continue sliding even further. However, investors remain optimistic about the future, with many of them being convinced that things will change in 2019.
Several things of great importance for the crypto world are expected in 2019, such as the Bakkt exchange and Bitcoin ETF approval. If they do arrive, as many hope they will, cryptos may experience their largest surge yet. As always, there are also those who claim that the coins will continue to go down until they are worth only a fraction of their current prices.
The lack of regulations and high volatility are making any reliable predictions next to impossible to make, which is why investors have no choice but to wait and see what will happen.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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