Recently, there has been a lot of speculation about Bitcoin (BTC) prices. People are wondering if the king of cryptocurrency will crash. What started as a minor fall at the beginning of 2018 has seemingly turned into a never-ending spiral of lowering prices.
Bitcoin (BTC) at a glance
Though Bitcoin was introduced in 2009, the icon of the crypto world didn’t gain any notable value until 2011. The price fluctuated from $3 to $30. But it was not until awareness increased and people began showing an interest in this new technological invention. Bitcoin’s emergence into the mainstream started opening a world of opportunities.
As it rose in popularity, so did it’s price. This, in turn, popularized blockchain, allowing technology-based startups to emerge.
Multiple factors came into play as the price bounced back and forth throughout the year. However, Bitcoin breached the $1000 mark in mid-2017 and capped off at its all-time high of almost $20,000 at the end of the year.
As the cryptocurrency gained a lot of momentum, experts and professionals predicted a similar bullish trend the following year.
The sudden, explosive growth was a clear indicator for the cryptocurrency community of its usefulness. It was clear that 2017 proved to be an irrational period, where everybody and anybody simply invested in the digital gold to make a quick profit with little regard to its future.
Bitcoin (BTC) of 2018
The beginning of 2018 though would see a very different type of a story. Within a month, the price plunged to nearly half its value. That was when people seriously started to wonder – will Bitcoin crash?
Investors claimed that the Bitcoin bubble had burst, and they debated whether the limited supply of the crypto would raise the price. Many declared that it would be unlikely to see Bitcoin crashing because of the solid reasons for its popularity and versatility.
However, Bitcoin prices in 2018 have been marked by volatility, making it difficult to predict, even for experienced analysts. Probably the biggest hitches are bad press and security issues. Bitcoin took a dip following news that Google will ban crypto-related ads. Currently, it is fairing around the $6000 mark. Though Bitcoin has displayed a variety of surprises, they’re not anywhere as dramatic as the rollercoaster of 2017.
Even though analysts and enthusiasts are optimistic, they have very diverging opinions about long and short-term predictions. Many are relying on educated speculations and guesswork from chat forums. Some say that it will go as high as 25k by the end of the year. Others think that it could shrink up to $100, therefore, if they cling onto their Bitcoins, they may experience a major loss in revenue.
What will replace Bitcoin (BTC)
In the world of cryptocurrencies, anything can happen at any given time. They have a reputation for being extremely volatile: it’s hard to understand the reasoning behind their price changes. And it’s impossible to predict the future of Bitcoin. Since the forces of supply and demand solely drive the market, the rest of the world is participating in the growing market of the blockchain technology through various other cryptocurrencies. There is still a demand for peer-to-peer cash rather than investing in just digital gold.
While Bitcoin is falling, many are re-evaluating this asset. There are other options available, but consumers have different requirements. They will only trust the names that have an image in the present financial and commercial world.
These cryptos have the power to influence the entire market. So, the question now is which cryptocurrency has the potential to replace Bitcoin?
The list of cryptocurrencies is continually growing. Companies are establishing themselves through the blockchain technology. And as they continue to grow, many are providing their own tokens.
Others have also been actively developed and are not focused on hype and marketing. They have an actual and unique purpose. Some of the popular and well-established cryptos currently in the market are:
1. Ethereum (LTC)
Ethereum could very well be the world’s top virtual cryptocurrency. It’s proven to be quite valuable through its underlying blockchain technology. Its distributed and decentralized ledger is responsible for recording transactions in a transparent and unalterable method. It can be used as a currency in exchange for goods and services.
Banks can expedite the validation and settlement of transactions with the Ethereum blockchain while retailers can track products moving through a supply chain in real time.
It’s versatile enough to facilitate smart contracts by incorporating protocols that act as guidelines for execution. It verifies and enforces the terms of the contract. This one of the strong points of Ethereum, which may promote the crypto to overtake Bitcoin in the near future.
2. Litecoin (LTC)
Bitcoin and Litecoin share the common goal of facilitating payments and have a limited supply of outstanding coins.
However, Litecoin has adapted certain attractive features rather quickly, such as updates speeding up transaction processing and faster processing time for block mining, making validation and settlement significantly faster.
Most importantly, there is an actual person who stands behind the cryptocurrency. Charlie Lee produced the project that led to Litecoin’s creation, and his hard work adds authenticity to the coin’s existence. Lower prices make Litecoin more accessible than Bitcoin, attracting investors to seek bigger gains.
3. Monero (XMR)
Monero is a privacy coin that has a chance to unseat Bitcoin as the world’s most important virtual token. As an alternative cryptocurrency, this a virtual token facilitates anonymous transactions.
Most blockchain networks really aren’t that private, often revealing information about the sender and receiver of funds.
With Monero, certain measures are enforced to completely encrypt the data and stealth addresses are assigned to alert only the recipient of the funds. It liberates users from the traditional banking network and keeps them under the radar.
This may well be enough to attract customers, pumping up its market cap over the long run. As Monero clears concerns about anonymity, it could give Bitcoin a run for its money.
4. Stellar (XLM)
Another cryptocurrency that has a genuine potential of replacing Bitcoin is Stellar with its Lumens coin. It’s particularly revered for speed.
Transactions through this blockchain can be validated and settled within two to five seconds, which is considerably faster than that of traditional banking networks. Stellar also incorporates the use of smart contracts, authorizing firms to customize legally-binding contracts to fit their businesses.
Therefore, it could play a vital game-changing role in emerging market economies.
5. Ripple (XRP)
Recently, Ripple has become an outstanding cryptocurrency in terms of providing a valuable trading base in the financial industry. The technology facilitates cross-border payments. And the biggest advantage is that it has a low dollar price compared to other major cryptocurrencies.