Cryptocurrency Market Will Grow and Catch Up When Analzying Bitcoin’s 2018 Developments
Bitcoin (BTC) did not have a good 2018 if we have a look a the price evolution of the most popular digital currency in the market. Nevertheless, development teams have been working in order to create better solutions and products around Bitcoin.
According to Jameson Lopp, CTO at Casa, commented that 2018 as the best and the worst year for Bitcoin. In terms of price, it behaved in a very poor way but taking into account several other metrics, it is possible to see that Bitcoin behaved very positively.
“Those of us who are dedicated to this system shall continue to BUIDL and add value; we have no control over the market but I expect that it will catch up to us sooner or later,” he wrote.
In a recent post uploaded to Medium, he says that Bitcoin is at the forefront of an increasingly complex ecosystem that continues to grow in many different ways.
Although the market has registered one of its biggest drops in history, Bitcoin survived FUD, volatility and threats. For example, Bitcoin and other virtual currencies fell back in November 2018 due to the hard fork experienced by Bitcoin Cash (BCH) and the effects that the hash war had on the network.
There are some developments such as the Lightning Network (LN) that have been growing at very fast rates, even faster than what many enthusiasts expected. Lopp mentions that most of the people follow price, but there are many other metrics that are very important to follow as well. Segregated Witness (SegWit) adoption is also growing, helping the network to be less congested.
There are some other things mentioned by Jameson Lopp on his blog post. He takes into account the blockchain industry venture capital funding that reached a new record in 2018. It also mentioned the ICO market and how during 2018 it was able to gather several millions of dollars. However, this specific metric about ICOs could register a not so good year in 2019.
Bitcoin volatility has also been dropping during the whole year until Bitcoin Cash affected the market with its hard fork. Bitcoin’s market dominance continued to grow amid a bear market.
He explains that using just one or a few metrics is something that could not provide a good idea of how the market is evolving. Indeed, the best is to use different metrics and sources to understand how a specific network is evolving and improving.
Michael Novogratz, the CEO of Galaxy Digital and a Bitcoin supporter, believes that Bitcoin is going to be between $3,000 and $6,000 and that during 2019 it will start to move up once again. Bitcoin is currently being traded around $3,889 and it has a market capitalization of $67.91 billion.