Cryptocurrencies have struggled as of late, but another bull run could be just around the corner, according to a recent survey conducted by Finder and published in the South China Morning Post.
Finder, a popular comparison website, asked nine blockchain participants about the possible trajectory of 12 cryptocurrencies. Among the study’s more interesting findings is the projected path of bitcoin over the next nine months. Participants said bitcoin’s value will hit $29,533 by the end of the year, a nearly threefold increase from the current price point of around $9.400.
Ethereum was tipped as the best-performing digital currency of the year, with a market cap that is projected to rise 212%. In terms of price growth, ether is projected to more than triple to $2,550.
The industry panel projected a more than doubling of bitcoin cash’s price to $2,721.
The predictions were based on price action of digital currencies on Feb. 27, the South China Morning Post reported.
While bullish predictions on cryptocurrencies are nothing new, the latest outlook should provide some relief to long-term holders of digital assets who may be concerned with recent price trends.
Ethereum: the Key to Unlocking Future Value
Ethereum’s expected growth comes at a time when more companies are utilizing its protocol to launch digital assets of their own. ICO fundraising topped $1.2 billion in February, bringing the total amount raised for the year to $2.7 billion. As most are aware, the vast majority of token raises are launched on the Ethereum blockchain. As more buyers look to participate in ICOs, ether’s value as a funding mechanism could skyrocket.
There’s already some evidence to suggest that investors are loading up on ether in anticipation of future crowdsales. Despite heavy volatility, ether prices have more or less traded even for 2018. Over the same period, the broader cryptocurrency market has fallen 35%.
At the same time, ICO projects are being launched at much higher frequency than at anytime last year. Although we’ve seen greater uptake of other blockchains, such as NEO and Stellar Lumens, Ethereum remains king of the token raise.
Ethereum founder Vitalik Buterin is also developing a new protocol for the crowdfunding model that utilizes Decentralized Autonomous Organizations, or DAOs for short. The new model, referred to as “DAICO,” is currently being tested by The Abyss, a gaming platform that launched its token sale on Wednesday.