New AT Kearney Prediction Suggests Bitcoin (BTC) will Consolidate and Mature in the New Year
While it is up for a philosophical discussion weather god is dead or not; Bitcoin certainly is not. This year has been tumultuous, to say the least. A fluctuation where assets that were once deemed worth nearly $20,000 only to have a fall of over 80 percent in less than a year. whilst many fear this is the beginning of the demise of the blockchain, others are painting a different future for these coins. The latest in the latter group is the management consultancy firm AT Kearney.
The Post Crash Era Of Cryptos
According to the reports the company has predicted, as part of their yearly expectations for the upcoming year, that the crypto assets will stabilize and potentially thrive; contrary to claims that it will trend to zero.
Even though this year has seen the Blockchain whitepaper celebrate a decade in circulation, it was also the year that saw BTC and other altcoins lose upwards of 80 percent of their value, all in a years time. Yet the report feels this industry is in recovery and the “second decade in a state of post-crash consolidation and maturation.”
The predictions claim that in this time
“Bitcoin will lead the consolidation and maturation of the cryptocurrency market.”
This tone seems rather upbeat when one considers the general predictions from other sources that expect the prices to continue a downward trend; some, such as Morgan Creek Digital Assets co-founder Anthony Pompliano, are expecting the prices to drop to support levels of $1500. At the time of writing the coin has been fluctuating around the $3900.
2019: The Year Of Bitcoin Reverence?
Crypto prices are doing what they do best, fluctuating. Just in the last week, prices have gone to the lows of $3490 back to $3970. And Alt-coins have not fared much better. Yet that has not stopped AT Kearney from batting for the embattled technology. It goes on to say
“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors.”
There is every indication that that might very well be the case. For one thing, after months the bitcoin networks harsh rate has finally adjusted itself and is climbing up once again. The coin is also regaining its primacy and market share, over 52 percent at the moment. Finally, it has made much-needed improvements to its Lightning Network, the proposed future of the tech. In fact, it has now surpassed a total capacity of 500 BTC ($1.8 million). This is the right step in addressing the scaling problem of BTC, making it more attractive for sponsors, especially long-term ones such as institutional investors.
Another factor to consider is that as the speculation bubble undoubtedly burst, all the “quick buck” traders and impatient investors have shut shop. This gives the technology breathing room and also allows it to grow at its own pace. It will be interesting to note if the digital assets can claim back the glory days, if not wholly then substantially.