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71% Forecast ‘Substantial Increase’ For Cryptocurrency by 2019 in Huobi Report
Wilma Woo | Jul 06, 2018 | 14:00
Over 70% of “global investors” responding to questions from major exchange Huobi believe the cryptocurrency market cap will expand by more than one third this year.
Investors, Experts: Altcoins To See Rebound
Part of findings in Huobi’s H1 market report, Global Blockchain Industry Overview and Prospects, published last month, those asked overwhelmingly favored a “substantial increase” in market value as the most likely outcome for the second half of 2018.
A further 18.6% expect a “slight increase” of between 10 and 30 percent, while those predicting flat performance or a “slump” number only around 10%.
The positive sentiment comes despite an ongoing downturn across cryptoassets, Huobi noting that 67 percent of new coins were trading below issuance price in June.
Bitcoin To $15.3k In Six Months
Looking forward, a selection of experts gathered by Australian news outlet Finder predicted that 2018’s big winner may not only be Bitcoin but altcoin assets, which saw major price decreases in Q1.
While Bitcoin should reach $15,372 by December 31, it is assets such as Cardano and EOS which will see the biggest transformation, rising around 250 to 300 percent respectively. TRON, the group says, could rise up to 342 percent.
Huobi meanwhile was more attentive to altcoins, summarizing 2017’s ICO token rush as a demonstration that a “paradigm shift in the crypto assets market, from consensus on peer to peer cash like Bitcoin to consensus on smart contracts, is forming.”
In terms of broader trends, its report highlights six “rationales” for cryptocurrency market expansion. These are penetration (“crypto finance will penetrate traditional finance”), application (“only use cases + Blockchain could set the market on fire”) and mergers and acquisitions “acquisition of high-quality internet applications through crypto assets will happen”).
The average age of investors will also increase and more female investors will enter the space.
What do you think about Huobi and Finder’s reports? Let us know in the comments section below!
Images courtesy of Shutterstock, Huobi Research
