Bitcoin, Ethereum Costs May More Than Triple in 2018, Survey Finds
In the poll, nine blockchain industry participants were asked about the possible cost trajectory of the world's top 12 cryptocurrencies. The study found that the participants were more bullish on Ethereum than on Bitcoin, since they expected Ethereum's market cap to increase by 212 percent. Bitcoin's market cap is expected to grow by 194 percent, while Bitcoin Cash is expected to grow 123 percent.
The survey, according to the SCMP, was based on price levels. At the time, Bitcoin was above $10,00 and Ethereum was at $870. This means that, according to respondents, by the end of the year, Ethereum's cost would be at $2,550. Bitcoin would hit $29,533, and Bitcoin Cash would be at $2,721.
The poll's projections would indicate both Bitcoin and Ethereum would see their worth more than triple over nine weeks, as recent cost trends saw Bitcoin fall to $8,800 at press time. Ethereum is trading at $670.
The anticipated growth in Ethereum's market cap is reportedly driven by the applicability of its network, and the rise of first coin offerings (ICOs) As covered by Hacked, ICO fundraising has topped $1.2 billion in February, bringing the total amount raised this year to $2.7 billion.
Per the SCMP, Ethereum's price dip is seeing investors buy more, so they can then participate in more ICOs. Si Oh, vice-president in Octagon, a Hong Kong-based cryptocurrency broker, revealed his company has been seeing interest in Ethereum pickup, although he disclosed interest in Bitcoin remains prevalent.
«Bitcoin still accounts for an outsized portion of our flows [now]. To put it in perspective, the average daily Bitcoin turnover remains more than three fold that of Ethereum.»
Loo pointed out that the cryptocurrency, like Bitcoin, faces scaling problems, although he believes these are being properly cared for.
To prove his point, he pointed to the CryptoKitties craze that temporarily congested the network. He stated:
«As an example, in November 2017, the scenic network saw a new craze for CryptoKitties, a virtual kitty game that lets players buy and strain 'crypto-pets'. This slows down the network and emphasized one of the challenges facing elderly blockchains — a lack of scalability.»