After the bear market of 2018, will 2019 see the end for many cryptos?
Whilst 2017 seems so long ago for crypto investors, the sudden bull run saw the emergence of 100’s of new crypto assets as companies and new startups sought to take advantage of the crypto hype.
New cryptos were rising rapidly in price even though many did not have any real use case in the crypto/blockchain world. Investors would jump in on the chance of purchasing a new crypto in the hope that it would yield big returns in a short space of time.
This year’s crash has however left the crypto market suffering huge losses. Bitcoin has fallen from its high of just under $20,000 to its current price of $3,800, and the market as a whole has followed the same pattern. Those investing in the market are now far more cautious, new cryptos cannot generate the same money as last year, and a 1 page white paper on how you plan to decentralise the ice cream industry will no longer generate a $1 million dollars in ICO funding over night.
At the end of 2017 we predicted that 2018 would be a tough year for cryptos, and this year we are predicting that 2019 will be a tough year for cryptos that show no use case, with most disappearing by the end of it. I expect to see the cryptos that can show a use case and do solve real problems to pull away from those that essentially do not and will not do anything.
Charlie Lee, Litecoin founder stated the following during an interview with Bloomberg:
“There’s obviously a lot of scams and currencies not useful at all, and those values will plummet. You are going to see some coins die, and the strong will survive.”
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