2018’s cryptocurrency charts have you feeling blue? Don’t worry. According to some experts, there are still plenty of riches to be made by investing in market leaders.
‘Still way too early’
In 2017, plenty of individuals joined the new crypto-rich crew. However, many also became crypto-poor — having been left holding the bag after buying at all-time highs. Explained Invest.com Senior Analyst Jesse Cohen to Forbes:
It’s safe to say that the price action in the crypto market over the past few months has been very ugly. All the major coins have suffered steep double-digit declines since the start of the year and are all trading below their respective 200-day moving averages, which usually signals more losses ahead.
However — though nobody can predict the future — it would be foolish to assume that “Bitcoin is dead,” “the cryptocurrency bubble has popped,” or that any other FUD-filled statement repeated time and time again has finally come to fruition. Explains Cohen:
We’ve seen Bitcoin do this before, where it plunges sharply over a prolonged period only to violently bounce back to new highs in a short time. While it isn’t looking too hot at the moment, it’s still way too early to call the end of Bitcoin, or cryptos in general.
‘A Multi-Decade Trend’
“Way too early,” indeed. In many respects, cryptocurrency and its underlying blockchain technology is only really starting to gain traction now, with the majority of projects still in their developmental stages. Meanwhile, most of those that are already developed are still struggling to gain mainstream adoption — something many digital currency proponents see as an inevitability. Aaron Lasher, BRD CMO and co-founder, agrees, saying:
The game isn’t over, Digital scarcity is a major innovation in money and value, and we’re in the initial stages of a multi-decade trend towards tokenization of assets.
He also goes so far as to call cryptocurrency’s potential life-changing, asking Forbes:
If sending money globally as easily as an email doesn’t impress you, how about the ability to store your life savings in your head, then walking your family across a war-torn border to safety?
Those who care less about the life-changing applications of cryptocurrencies and more about the potential riches and “true freedom” to be gained by speculating in the market also have reason for optimism. Explained Lasher to Forbes:
Getting rich with cryptocurrency is a proxy for true freedom, a personal financial situation that is largely immune to the politics, flaws, and vicissitudes of an interconnected, global system — an oasis of security and a platform for individual pursuits.
Do you think the cryptocurrency bubble has burst, or do you think the market has only begun to show its true potential? Let us know in the comments below!
Images courtesy of Shutterstock, Pixabay, and CryptoPrimacy archives.