INTERNATIONAL – After a stable September for the cryptocurrency market, Bitcoin is expected to hit $10 319 (R151 000) by the end of the year.
This is according to the experts on personal finance comparison site finder.com’s latest monthly Cryptocurrency Predictions Survey.
While some of the nine panellists gave predictions for BTC as high as $20 000 by the end of 2018, this is balanced by more conservative predictions from other panellists, with the lowest coming in at the $5 200.
Despite a downward trend over the past three months, with panellists’ BTC predictions for end-of-year decreasing for the third consecutive month, the panellists’ gave positive forecasts by the end of 2018 for almost all coins, suggesting a more optimistic outlook moving into next year.
Cardano is expected to see the greatest growth by the end of 2018, at 159 percent to $0.20.
This is followed by Monero and Ethereum, with forecasted growth of 93 percent and 79 percent, respectively.
XRP is the only coin set to experience the long-term decline, with a projected decrease of 8 percent by the end of 2018.
In terms of short-term performance by November 1 2018, Monero and Ethereum are expected to increase the most 43 percent and 37 percent, respectively.
The smallest increases come from Bitcoin Cash (BCH) and EOS (EOS), which are both set to see an increase of only 1 percent. XRP and Litecoin are expected to see a fall over the next month, with forecast declines of 8 percent and 3 percent, respectively.
Many attribute poor short-term performance to the upcoming decision about two exchange-traded funds by the US Securities and Exchange Commission and anticipate the decision to affect the market over the coming months.
Comparing the forecast market capitalisations for Bitcoin, Bitcoin Cash and Ethereum – the only three of the 10 coins with a reported number of coins available – Ethereum (ETH) is predicted to see the highest growth by the end of the year (79 percent).
This is followed by Bitcoin with a 62 percent increase, and Bitcoin Cash with an increase of 17 percent.
Jon Ostler, UK chief executive at finder.com said: “Cryptocurrency is currently a bearish market, with our panellists’ BTC predictions for the end of 2018 decreasing for the third consecutive month in a row"
“The issue of the pending ETF decision by the US Securities and Exchange Commission is still on our panellist's minds, with some citing the decision as the main indicator of short-term performance and anticipating it to affect the market for months to come.
“Finder runs this monthly report to help people understand the current cryptocurrency market, and collect the opinions of experts on how it may change in the future. However, when reading this report, people should be aware of the volatile nature of cryptocurrencies. When considering the purchase of cryptocurrency, people should always be prepared to do their own research and decide what’s right based on their personal financial circumstances.”
BUSINESS REPORT ONLINE