2017 was an amazing year for cryptocurrency. Many cryptocurrencies experienced explosive gains over the second half of 2017, with several coins/tokens experiencing several hundred percent gains.
Notably, Bitcoin set new all time highs, busting through $10,000 and just falling short of $20,000. The entire market capitalization of the cryptocurrency industry surpassed $600 billion.
If you haven’t already, check out “Cryptocurrency Year in Review 2017” to see the major highlights of 2017. What about Crypto 2018? What does the new year have in store for cryptocurrency!?
Crypto 2018 What To Expect
It is difficult to forecast anything, especially in a market as volatile as crypto, but here are a few things that we could see in 2018.
New Crypto 2018 Projects Coming Online
2017 was the summer of ICOs.Many projects with nothing more than an idea, received millions of dollars of funding. In 2018 several of these new companies will be launching projects and services.
World’s First Decentralized Bank – AriseBank
AriseBank is the first decentralized banking product ever created and features one of the largest cryptocurrency platforms ever built, with services like AriseID, aEx, aiExchanger, aTransfer, AriseCard, aTMs, aPocket, and aPay. aBank is completely decentralized, which means it’s never hosted in their data center and they never touch your money. It’s entirely hosted on the user’s desktop and mobile devices.
Arise, the first decentralized bank is adopting the use of BitShares, the first decentralized exchange to provide a comprehensive platform for real-time delivery of incorruptible financial products and services. In short, this new fully decentralized method will form the most complete alternative financial system in the world.
BitShares (BTS) is a smart coin production factory with hundreds of innovative financial products and compliant ICO offerings. It currently holds the record for over one million blockchain transactions per day dwarfing the performance of Bitcoin and all other blockchain networks.
One company, SALT Lending announced recently they will now be offering loans using cryptocurrency as collateral. SALT Lending has an ERC-20 token which trades under the symbol SALT.
ERC-20 tokens have become a popular way for companies to easily launch tokens for ICOs on the Ethereum blockchain. As these newly formed companies begin to launch products and services, we could see an increase in congestion on the Ethereum network. Expect Ethereum’s scaling issues to continue.
Many of the companies that had ICOs in 2017 will be bringing products to market in 2018. This will be an incredibly exciting time, as the companies of the future are being built before our eyes. 2017 was definitely the year of cryptocurrencies. Could 2018 be the year of crypto companies?
Governments Going Crypto
Skyrocketing prices and a surge in crypto interest forced governments to take notice of cryptocurrencies. This newfound interest came in the form of regulation as governments and regulators grappled with rapidly developing blockchain technology.
In 2018, governments may begin looking at getting their own cryptocurrencies into the market. Yes, that’s right, government backed cryptocurrency. In fact, right now speculation of a Russian “cryptoruble” is gaining traction online.
President Vladimir Putin has reportedly commissioned Russian officials to work on developing a national cryptocurrency dubbed the “cryptorouble.”
According to the Financial Times, Sergei Glazev, an economic adviser to the president, told a government meeting that the cryptocurrency would serve as a “useful tool” to evade western economic sanctions.
Russia won’t be the only country throwing their hat into the ring. Expect to see hints or announcements from other nations that they are “experimenting” with cryptocurrency. We could even see something come to market later this year.
Bitcoin’s Shrinking Dominance
Bitcoin was the world’s first “cryptocurrency”, released in 2009. Nine years later there are hundreds of digital tokens. Bitcoin remains top dog in terms of value and marketcap but that will be changing. A study done in May of 2017 predicted Bitcoin’s dominance will drop over the coming years, so far it looks as if they were right.
“Bitcoin dominates over other digital currencies today, but the data suggests its market share will drop significantly in the next few years.”MIT Technology Review
Research is suggesting that the cryptocurrency market is growing exponentially, although the data also suggests that a large portion of the market is stable and following a standard model of evolution .
Bitcoin currently accounts for roughly 38% of the entire cryptocurrency market. Bitcoin’s value may continue to rise but we expect that its dominance will continue to drop. Expect to see other coins and tokens making headlines and attracting attention from big investors.
2017 was an absolute breakout year for cryptocurrency. Will 2018 prove to be an even bigger year for crypto!?