Cryptocurrency expected to fall by February 1
CAPE TOWN – Experts on finance comparison site finder.com’s latest monthly Cryptocurrency Predictions Survey have shared their 2019 forecasts for eight of the top 10 coins by market cap, as well as the top three trending coins, Monero, Dogecoin and NEO.
Nearly all coins are expected to fall over the next month, with the exception of Cardano and Stellar, which are expected to increase by 43 percent and 84 percent, respectively.
- TRON (TRX), Dogecoin (DOGE) and Litecoin (LTC) to experience biggest drops
- Stellar (XLM) and Cardano (ADA) are the only coins predicted to increase this month
- Bitcoin (BTC), Cardano (ADA), and Stellar (XLM) top coins picked for 2019
TRON, Dogecoin, and Litecoin are set to experience the greatest drops by February 1, with forecasted falls of 52 percent, 47 percent, and 35 percent, respectively.
While nearly all coins are predicted to decrease over the next month, five of these falling coins are anticipated to recover over the next year. This means that over the course of the year a total of seven coins are predicted to increase in value.
The coins predicted to see the greatest growth in 2019 are Stellar, Cardano, and Bitcoin, with forecasted growth of 260 percent, 91 percent, and 84 percent, respectively.
Bitcoin is splitting opinion among the panellists, with a predicted decrease in value of seven percent this month. However, the panellists expect the coin to recover to $6 947 (R96 349) by years-end.
Alisa Gul, chief executive of WishKnish, believes the fact that “the bearish pressure on the global stock market doesn’t seem to have a lasting effect (on price), as does the easing of the difficulty of the validating algorithm” means that “it’s hard right now to see much of a light at the end of this tunnel”.
However, Joe Raczynski of JoeTechnologist gives some cause for optimism. While he notes that “many of the institutional players have said they are done with this experiment (publicly)”, this could be a temporary stance because “if there are any dramatic shifts with the economy (the expectation is slightly more likely than not), bitcoin will be a safe haven”.
The six panellists in the December Cryptocurrency Predictions Report include:
- Craig Cobb: Founder of TraderCobb.com, designed to educate people on crypto trading in a way that is simple, easy and logical
- Alisa Gus: Chief executive of WishKnish, a blockchain gamified social market network aimed at helping communities grow, and founding member of the DC Digital Economy Hub
- Fred Schebesta: Co-founder of global comparison site finder.com and OTC cryptocurrency trading platform HiveEx.com
- Jimmy Song: Bitcoin core developer, educator and entrepreneur. He is venture partner at Blockchain Capital and teaches bitcoin and blockchain programming at Programming Blockchain
- Ben Ritchie: Chief operations officer of Digital Capital Management, a premium digital asset fund. He is also chief executive of consulting service Bitcoin Advisors
- Joseph Raczynski: Experienced technology consultant and manager specialising in blockchain technology, he specialises in AI, cybersecurity and legal technology.
Jon Ostler, UK chief executive at finder.com says: “December surprised quite a few people, with a lot of coins rising fairly consistently. This has continued to be the case so far in January, although our panellists don’t expect this trend to last for all coins. Past experience in this sector also reminds us that a month of gradual price movements can change in a matter of hours.
“It is important that people are 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