It is still unclear what the short-term and long-term future will hold for Bitcoin and all other markets. The overall sentiment looks as bearish as it was throughout 2018. A repeat of the year 2017 might not necessarily happen soon, although that is only to be expected. Al Warms is confident the “crypto winter’ will remain in place for quite some time to come.
No Crypto Market Improvement in Sight
Whereas a lot of people had high expectations for early 2019 in terms of crypto market momentum, the reality is very different. While there was no reason to expect nay major positive changes, it is still odd to see this bearish momentum continue. That is not how most users had expected things to move ahead, yet there is very little one can do about this current trend. In fact, it seems there may not be any improvements on the horizon for the foreseeable future either.
According to ChainFront CEO Al Warms, the current market momentum was to be expected. It has to be said how the year 2017 was exceptional in many different ways, although it ended up hurting the credibility of most cryptocurrencies and digital assets in the process. That is not how enthusiasts and experts hoped for the situation to pan out, but there isn’t much that can be done about it in hindsight.
When looking at the current market situation, Warms is convinced the “exuberance of 2017” caused these conditions in early 2019. Now that the ICO business model is no longer as appealing as it once was and cryptocurrencies bleeding value all over the place, it would appear the uneasy momentum might remain in place for some time to come. Warms wouldn’t go as far as calling the market a “bubble” by any means, although it is not hard to see where the sentiment would come from. However, he does add:
“What I will say, however, is that it’s time for the industry to put up. We need some wins – mainstream, widely used, applications built upon various public blockchains. Even in the early days of the internet, there were applications that really gave visibility into the potential – early Amazon.com – which only sold books – for example. In 2017 doctors and lawyers and other high net worth individuals started getting into the space – for the most part they’ve left. To get them back, it’s time to really showcase the potential of this technology through actual working implementations. That the focus of Chainfront.io – my company – enable mainstream adoption.”
It is especially this latter part which has been a key issue in the industry. Mainstream adoption of cryptocurrencies has not increased much throughout 2017 and 23018. Although more people invested in Bitcoin and altcoins, it is plausible to assume most of them cut their losses and have moved on until the situation improves. As that improvement remains elusive for now, it remains to be seen if those users will come back in the near future.
All of this seems to indicate the bearish cryptocurrency market trend will remain in place for some time to come. There is nothing that warrants a bit uptrend right now, and it seems overall interest in these markets lacks any real growth as well. The crypto winter can last a very long time, for all anyone knows. That is not necessarily something that makes traders and speculators happy, but keeping one’s expectations in check is the only realistic approach right now.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.