2018 left a bitter aftertaste for many people who came to the world of crypto after the 2017 hype only to face one of the strongest bearish streaks in the history of crypto coins. However, 2019 promises a lot not only in terms of market capitalization but also for the evolution of the ecosystem.
In an article published today by Weiss Cryptocurrency Ratings, the team of the famous risk evaluation firm showed its perspectives regarding the future of cryptocurrencies, emphasizing that despite appearances, 2018 was disastrous only in terms of prices but when it comes to technology “it was also the year of major progress”.
Leaving aside price predictions, Weiss Cryptocurrency Ratings shared with its subscribers seven technological forecasts related to cryptos and blockchain technologies, and most of these are quite positive. The following is a summary of the article
Bitcoin will be increasingly used as a store of value.
For the team of analysts, Bitcoin’s properties make it easy, safe and efficient to store and transmit value between people. Currently, the team believes that there is no competition in this regard to beat Bitcoin, so it “is on its way to becoming a veritable digital gold.”
The price of Bitcoin will rise again and head for new all-time highs.
Without giving specific figures, the team of analysts maintained the same argument that Stacy Herbert gave to Max Keiser when they spoke of a possible SWIFT substitution. In all the previous cases, after a bearish streak Bitcoin has experienced a strong recovery thanks to the fact that in those periods the development of quality platforms and solutions has severely increased.
“In 2019, much as it did after prior bear markets, Bitcoin will again rise up and head for new all-time highs.”
Select altcoins will rise from relative obscurity to as much as 20 times their previous all-time highs.
Following in Bitcoin’s footsteps, some altcoins will gain traction and increase their adoption. The team believes that it will not be a considerable number like in 2017, but only a “few with superior technology” will experience this bullish run.
A select group of cryptos will compete to build a new kind of internet.
The Weiss Cryptocurrency Rating team said that projects such as EOS, Cardano (ADA) and Holochain (HOT) could contribute to the development of a new paradigm on the Internet and that of all initiatives with similar objectives “Most will eventually fail.”
Another select group of cryptocurrencies will disrupt the world of banking.
Unlike Keiser and Herbert, Weiss Cryptocurrency Ratings believes that Ripple and Stellar will play a leading role in optimizing and reforming the traditional banking system.
The team is also confident that Ripple’s XRP “could eventually become the world’s No. 1 cryptocurrency.”
Bitcoin me-too coins will fade away.
This is perhaps the only negative prediction within the list. The team was particularly critical of some Bitcoin forks (such as Bitcoin Cash and BSV) which they described as practically useless:
“Many cryptocurrencies are going to disappear for the simple reason that they bring virtually nothing new to the table.
Even among the top 10 by market cap, several fit this description, including Bitcoin Cash, Bitcoin SV, and Litecoin.
There’s no innovative use case for them. They’re likely to fade away over time.”
New coins will rocket to the top 10.
The team considers that there will be an important change of positions in the global market cap with new actors such as Holochain, Hedera Hashgraph and other cryptocurrencies that are currently not so popular. This is consistent with the previous behavior of the whole ecosystem with projects that fail or decrease in popularity and other that emerge once the community becomes more familiar with their technology