It is safe to say that the first quarter has not been a good one for any cryptocurrencies
. When you consider that Bitcoin reached record highs of over $19,000 at the end of last year, to see it fall to just below $6,000 in the space of two months was horrible. Although it has picked up on a few occasions, it has come nowhere near to hitting prices similar to the latter part of 2017, proving just what a horrible first quarter it has been.
In fact, this year has seen one of the largest declines for Bitcoin
, falling from its all time high on December 17th
to where it is now, where it has lost almost 70% of its value. It is not just Bitcoin that has suffered. The total of all cryptocurrencies have fallen from $618 billion, to less than half that at below $300 billion.
According to CoinMarketCap; out of all of the 10 biggest cryptocurrencies by market capital, not one had a winning quarter. When you consider that the best performing cryptocurrency
was NEO, which lost 24.9% of its value. The good news for Bitcoin is that it was not the worst performing; that award goes to Cardano, who lost 77.7% of its value.
Despite this, experts are still predicting great things for Bitcoin. The Winklevoss twins predicted that the price of Bitcoin could top $300,000, and Thomas Lee has said that by the end of this year, Bitcoin will have reached $25,000.
Banks have been less favourable though, with Goldman Sachs analyst, Steve Strongin saying that cryptocurrencies will not exist in five to ten years from now, and Deutsche Bank also expressed their woes, by suggesting that the ceiling for Bitcoin is not as high as many experts have said it will be.