Bitcoin Will Lose its Market to Ethereum in 5 Years Opines ExpertNovember 9, 2018
Mr. McLeod, a technology expert, has to state, that Bitcoin might lose about 50 percent market share to Ethereum, the nearest rival, in five years. He further added Ethereum is a lot advanced than Bitcoin, but the price, which he says will change with time.
A remarkable price surge was noted in the price of Bitcoin in November 2017. And by mid-December, the value of one Bitcoin was worth at $20,000, and it was then that everything turned Topsy-Turvy in the Bitcoin market.
Now in 2018, Bitcoin is trading at a third of its peak value at 6,400 USD. Some crypto-analysts believe that the market will mirror its gains like 2017; however, they feel that the leader might not be Bitcoin now.
Patrick Byrne, CEO of Overstock, was the person behind the retail giant that accepted bitcoin online way back in the year 2014. He continues to state that there will be mass adoption of the cryptocurrency, but he does not precisely specify which one.
Naomi Brockwell, a Bitcoin enthusiast, points out to “Venezuela” when asked whether Bitcoin would become the world currency. Mr. Byrne further added that he continues to be highly skeptical about traditional financial systems. He remarked, “When the financial systems of people collapse they will be getting into digital currencies. Whether it will be Bitcoin that people will adopt or if Bitcoin will solve their speed issues is something that only time will unfold.”
Bitcoin has shown the most sustained periods of stabilityBitcoin. This, in turn, has helped it to address the issue of price volatility. While some critics make it appear like an unsuitable form of mainstream payment.
Market analysts have to state that the price trend is likely to continue in the short term. They further opine that the price will shot either way influenced by events like a massive hack in a crypto exchange or influenced by a major positive financial regulatory body.
Predictions made by a majority of the market analysts favor the opinion that Bitcoin as the world’s leading digital currency will experience steady growth in the forthcoming years. Despite the trend in the upcoming months remaining uncertain.
Jon Ostler, stated, “Some panelists believe that the external forces might shift the market greatly over the next month, particularly for Bitcoin.”
Based on whether the US Securities and Exchange Commission (SEC) and CFTC will accept ICE backed cryptocurrency exchange Bakkt will be known before December 01, 2018. This decision can be a major influencer and therefore, until that state, it is not easy to predict precisely about what will happen.
A panel of experts has predicted the average value of Bitcoin to touch $16,732 by the end of 2019.
However, one of the panel experts Craig Cobb has to say that Bitcoin being very stable at a $6,800 and $6,100, it is hard to comment anything until the current price stability breaks.