The cryptocurrency market just seems to be getting bigger and bigger, with new coins being announced all the time. The truth is, the Cryptocurrency market is just beginning.
2018 has not been the best year for cryptocurrencies on the whole, and we seem to be witnessing a bit of a slump. Although, this is hopefully on the up now, we have seen Bitcoin plummet to its lowest price since November last year, and this is a similar story with other top cryptocurrencies. Many sceptics are labelling this slump as the start of the demise, and that the crypto market will soon collapse, but, in reality, they could not be further from the truth.
The market is still very new. Bitcoin, the first cryptocurrency to come onto the scene, was only launched in 2009, making it much younger than other mainstream commodity trading markets. Blockchain technology, is still being developed, and has not bee perfected, which means that of course there is likely to be scalability problems. Even the most popular virtual currencies, such as Bitcoin, Ethereum and Ripple are still all being tested for problems and are regularly undergoing improvements.
2017 was a great year for cryptocurrencies, and they really started to take off. Many ICO campaigns were started in order to raise money for blockchain projects, a lot of which were successful. Not only that, but it saw many major cryptocurrencies, most notably Bitcoin reach record breaking highs.
So what is on its way to the crypto market. Artificial Intelligence, the Internet of Things, and blockchain technology are all pillars of what is to come. Blockchain technology really is constantly evolving, and we are seeing great potential from DAO and DApps. There is a lot that these concepts can offer and is a way of really bringing blockchain and cryptocurrencies into the digital age.
Unlike fiat currency, cryptocurrencies have a much better way of adapting to the emerging landscape. Whilst they have not overtaken fiat currency yet, there is absolutely no doubt that they have become much more accepted in day to day life. There is also no reason as to why this upward momentum would stop either. Despite the rocky month that we have just seen, cryptocurrencies are improving, and regardless of the volatile price, there is one thing that is certain, and that is that we have not seen the end of cryptocurrencies, it is just the beginning.
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