Bitcoin prediction: Cryptocurrency price WILL rise despite fears of collapse
Bitcoin is now valued at $11,008 compared to $20,000 on December 17. Ethereum is priced at $983.98 when just earlier this month it was $1,200.
Ripple breached the $3 mark and made its ex CEO Chris Larsen the fifth wealthiest person in the US. Today it comes in at $1.17.
But despite the fall and fears the bitcoin bubble has burst, crypto investors suggest cryptocurrencies could surge.
Francesco Nazari Fusetti, CEO of AidCoin which allows individuals to track their donations thanks to blockchain technology said: “At present, prices in the cryptocurrency market could, of course, be better, however, the sharp correction that we see now is nowhere near a collapse.
“The drop in price is actually beneficial for the industry, as investors and cryptocurrency enthusiasts will be more incentivised to educate themselves about the space. As people become more educated it will, in turn, limit fear surrounding further price drops, as this is the nature of the volatile cryptocurrency market.
“The recent drop in prices and uncertainty in the current market is heavily influenced by a mix of an unfavourable news cycle and speculation fuelled by the media.”
Gabriele Giancola, CEO and Co-Founder of Qiibee, a blockchain based loyalty ecosystem said: “South Korea has had somewhat of an impact on the current market and price situation, however we have seen prices plummet previously and the market tends to rally.
“In the long-term this will not have a big impact, as the power of blockchain and cryptocurrencies goes far beyond the price.”
There are individuals within the financial world who believe bitcoin will breach the $100,000 mark this year.
Kerim Derhalli, CEO of investment app Invstr, said: “Bitcoin is the next logical stage of the information revolution. This time a year ago it was worth under a $1,000. I predict next year [2018] it could hit the $50,000 to $100,000 mark.
“Bitcoin is something that has gone against the established government system and seems to be winning.”