When Will Bitcoin Recover From Its Slump?

The Chief Commercial Officer at BitPay has estimated that Bitcoin will go through the current bear market and return to its all-time high of $20,000 next year.

Sonny Singh thinks that 2019 is going to be an incredible year for the cryptocurrency market. He also believes that we will see lots of institutional products launched by Wall Street Giants such as BlackRock, Fidelity and more.

In a recent interview held by Bloomberg Technology, Singh spoke saying that he thinks we should pay less attention to a price and focus on the developments that go on behind the scenes. He believes that Bitcoin will return to at least the $15,000 region next year.

Singh stated:

“Bitcoin has become mainstream adoption around the world, it has got a great brand reputation.”

As reported by FX Street, in addition to this, he also said that the market is waiting for some kind of new path to follow created by the ever-growing institutional interest in digital assets. Meanwhile, the BitPay employee isn’t fully sure about the fate of the other digital currencies since firms are building their financial products mainly on Bitcoin for the brand reputation and mass network effect.

The ICO market is unlikely to survive the regulatory issues by the Securities and Exchange Commission (SEC).

According to Singh:

“The ICO market is pretty much dead right now. None of them (ICOs) are going to survive unless Bitcoin survives.”

In other Bitcoin-related news, if we look to the markets today we can see that the majority of the top ten is seeing red with Bitcoin down 1.67 percent priced at $4,533. Over the past week, XRP has overtaken Ethereum to be the second biggest cryptocurrency in the world and it now has a market cap of $17,662,517,950 and is slowly running away from Ethereum.

There have been rumours that XRP will be the number one cryptocurrency by the end of the week following Ran NeuNer saying that you should dump all your Bitcoin and invest in XRP instead.

It’s worth noting that we are not financial advisors and this is not financial advice. Investing in cryptocurrency is very risky, so only invest based on your own research and invest with money you can afford to lose, always remember to trade safe!

What are your thoughts? Let us know what you think down below in the comments!