If there’s one thing for sure with cryptocurrencies, it is that nothing is certain and something unexpected is always happening. In the last year, Bitcoin has seen some astonishing peaks and troughs in value. Other currencies have had a rocky time too.
So, what does summer 2018 hold in store for the newcomer of assets?
Reviewing the market.
Last year, people started to realise that cryptocurrencies were here to stay and had real-world applications. People began to use them to make purchases, and trading in them was strong. Bitcoin led the way with spectacular increases in value in the last quarter of the year.
But there was still caution, and it proved to be wise. After reaching over $13,000 at the start of 2018, it was down to just $6,900 by the end of March – meaning it had lost almost 50% of its value. Nor was it the only currency to suffer – Ripple saw a 77% decrease while Ethereum saw a drop of 47%.
Why the volatility?
While it may seem strange that there was such volatility in the market, there were a lot of obvious factors that influenced the changes. For example, regulators in countries such as China and South Korea started to toughen up on cryptocurrencies while in the US, there was a move by the SEC to try and gain control over the cryptocurrency market. In fact, around the world there seemed to be a new passion for regulation.
Advertising bans were also painful for the value of cryptocurrencies. Some of the hottest names in the online advertising world decided to stop the advertising of cryptocurrencies including Google and Facebook. It made it harder to get more people to show interest in the currencies.
An improvement in summer?
While there’s no doubt that the world of cryptocurrencies felt the chill of winter, spring has already seen a steadier period, and this has led to positive outlooks for traders going into the summer.
For example, Bitcoin remains top of the pile and is a favourite for CFD trading as well as investing. Most experts are forecasting that it will have a modest increase by the end of the second quarter but by the end of the year, the growth could be over 150% of its current value. The question is – will it stay at that price into the following year?
Another, with a potentially sunny period ahead, is Ethereum. Most experts think it will finish the quarter around 24% up on the start of year price, while by the end of the year it could be as much as 110% up from the beginning of year figures.
Not so hot for the summer.
Not all cryptocurrencies have such a bright future forecast – assuming the experts are right! Ripple has had a terrible time of it so far, and although experts are predicting a rise, it is a modest one of around 10%. Longer term the picture isn’t much better with some thinking it could fall by the end of the year by about 15%. However, it does have a strong fan base who could help push it to a broader audience and combat this prediction.
Litecoin is a steady option if you are looking for a little less volatility. An increase of around 15% by the end of the quarter is predicted with a rise of approximately 50% by the end of the year.
Whatever cryptocurrency has caught your attention, don’t forget the importance of a stable, dependable platform for your trades. Wilkins Finance offers a range of big name, and lesser known cryptocurrencies, to trade on the site with excellent security and plenty of advice and tips to help maximise your efforts.
