We have finally stepped into 2019, but many cryptocurrencies continue striving through the value drops as the market suffers harder. Still, anyone familiar with the cryptocurrency industry knows how quickly Bitcoin, Ethereum, and other popular cryptocurrencies can surge back in an upswing, and hopes for this miracle to happen soon. It’s part of what makes investing in cryptocurrency so exciting for venture capitalists, entrepreneurs, and others. So, are Bitcoin or Ethereum due to experience an upswing anytime soon? What are the forecasts?
Bitcoin vs. Ethereum
As the first virtual currency, Bitcoin has enjoyed widespread attention and popularity since it entered the scene in 2008. It is still the most valuable and sought-after crypto coin that can be found at each and every cryptocurrency exchange out there. Bitcoin has the ability to lower transaction fees and remain decentralized, unlike any type of currency issued by global governments.
On the other side of the aisle is Ethereum, a cryptocurrency that has been growing in acceptance among cryptocurrency enthusiasts around the world. Created by Vitalik Buterin, Ethereum has made a name for itself as the second most important cryptocurrency behind Bitcoin and the most functional blockchain offering smart contracts and decentralized apps development. It’s important to note that since its invention, Ethereum has been through many evolutions to improve its functionality, and is now facing a game-changing update scheduled for late February.
How Are BTC and ETH Currently Performing?
Over recent months, the BTC market has been going through a process of strong correction and consolidation. The coin is now fluctuating around $3,600, the figure that might have been considered a nightmare for crypto investors a year ago. For the record, Bitcoin cost $12,800 on January 21, 2018. Quite a hefty crash in the span of a year, isn’t it?
However, it’s Ethereum that has people talking, especially those trying to make predictions for how it would perform as the year breaks out. For a few months already, ETH has been showing signs of weakening and even made way for its competitor XRP that is now the second largest cryptocurrency by market cap. At the time of writing (January 21), the ETH to USD rate was $120, which is ten times less than it was a year ago.
When commenting on the state of Ethereum though, Buterin said he has a few developmental plans in store and is more concerned about the blockchain use cases than the hype.
Bitcoin and Ethereum Upswing On The Horizon?
With both BTC and ETH under a lot of pressure at the moment, what does the future look like for the two cryptocurrencies?
Well, BTC forecasters are hoping to see the price holding steady for at least the short term so that it can pick up some momentum in an upswing further on. However, there are some experts that go to extremes. Calvin Ayre believes that Bitcoin is moving to $0, while Thomas Lee, on the other hand, thinks it can surpass $30,000 in 2019.
On the flip side, the prediction for Ethereum is extremely ambitious, and many investors still consider it a good option for long-term holding. According to Smartereum, ETH may surge to $500 by the end of 2019. Then, the ETH price could clock in around $2,000 by the end of 2020. Why are there so ambitious predictions for a cryptocurrency that currently appears to be weakening? When making predictions, Smartereum and other crypto enthusiasts take many factors into consideration, including the growing use of ETH applications and the increased usage of smart contracts.
Wallet Investor, however, is not so positive about the future of Ethereum. They have released their one-year forecast that places a value of $7.179 for ETH. Nevertheless, they are quite bearish against Bitcoin as well. According to the Wallet Investor analysis, BTC may plunge to $263 within a year.
None of the Ethereum predictions have its value surpassing that of Bitcoin, though. Despite this, there is no denying that Ethereum is still a force to reckon with. As more businesses, entrepreneurs, and crypto enthusiasts continue to invest in and recognize the benefits of Ethereum, the more its value will increase.
Much like a roller coaster, cryptocurrencies such as BTC and ETH go through highs and lows. Right now, the industry is very volatile and under a lot of pressure because of the increase in emerging cryptocurrencies. This is a good thing, though, because it means more businesses and other entities are beginning to accept cryptocurrency as acceptable forms of payment.
As crypto becomes more widely used, the values for the currencies at the top, BTC and ETH, will likely increase over time. Will their values soar as high as the experts believe they could by the end of 2020? It’s hard to say. The market is immature, so anything can happen theoretically. It’s only a matter of time before BTC or ETH experience another upswing in value.
Guest Post by Mary Ann Callahan
As an expert on Bitcoin-related topics, I’ve found myself as a Journalist at Cex.io – cryptocurrency exchange. I’m working on articles related to blockchain security, bitcoin purchase guides or bitcoin regulations in different countries.