In April 2017, the cryptocurrency market was just beginning to enter what was perceived as the golden age by some who wants to quickly cash in and make a few bucks trading altcoins/bitcoin. It was going to replace ponzi schemes and in June 2017, the market cap of cryptocurrency was already a little over $100bn.
To give you an idea of what happened is a chart by coinmarketcap
Clearly, that was Not the Boom since the market has more than . Many lost their money due to selling off rather quickly when the market started going side ways, however, many others who held on to their bags (bag holders) became somewhat rich in December 2017 due to the continuous interest in cryptocurrency. So what would likely happen in 2018?
Scenario #1:
2017 witnessed the blockchain start ups and raising millions of dollars in cryptocurrency for one purpose or another. However, many startups will not be useful while so many others will begin rolling out their products in the coming year. New blockchain products may mean more interest in cryptocurrency.
Scenario #2:
More people will want to find alternative source of income especially in the developing nations and amateurishly trade to make quick gains thereby bringing new monies into the space continuously. The irony of this is it makes it look like a giant pyramid scheme such that the sustainability of the growth will depend completely on speculators bringing in money only to trade and when this can no longer be maintained, the market collapses on itself and people who had been saying it's a bubble would say "I told you so".
In truth, no one can say for sure what tomorrow holds and many seasoned economist and financial experts have failed to make right predictions especially when it comes to new technology or market such as this. For these reasons, I think the cryptocurrency market can either make you filthy rich or completely wretched in the coming year.
What should I do?
Whether you are coming in part time or full time trader, it is a good practice to
Happy Earnings and Trade responsibly.
