2017 has undoubtedly been Bitcoin’s year, with the world’s best-known virtual currency generating more press coverage and controversy — and consuming more fiat value — than ever before. The wild ride saw both an unprecedented 20-fold price increase from the start of 2017, but also an ideological split. All the attention resulted in many newcomers (and former naysayers) joining the crypto industry. But where does it all go from here?
Crypto watchers predict BTC’s price to keep fluctuating in 2018. Throughout the world, the cryptocurrency industry has broadened way beyond just bitcoin as well, due to exponentially high returns on investment.
Some cryptocurrency-friendly investment analysts have predicted the BTC price in 2018 will reach somewhere between $25,000 to $40,000 USD. However, wilder proponents have valued the currency to soar as high as $1,000,000. Crypto influencer John McAfee envisions BTC price to reach between $500,000 and $2 million by 2020. Or else.
Last time virtual currency saw such a price surge was in 2013 when BTC grew 85-fold. However, the following year its market collapsed. It was only in 2017 that it stepped back into the limelight, with big financial players supporting bitcoin and its entry into the mainstream.
2017 was also a good year for crypto exchanges around the world. According to CoinMarketCap, the overall crypto market cap has surpassed half a trillion dollars. But despite its 20x price gain, BTC actually finishes the year with only a 38 percent share of total crypto market value — its lowest level ever.