Weiss Ratings LLC, a financial rating agency made seven cryptocurrency forecasts for the year 2019 (Jan. 3rd) stating that bitcoin will still be used extensively as a store of value and the price of BTC will moon again, more promising projects will arise, and the value of some altcoins will spike significantly.
Weiss Ratings Says 2018 Was a Year of Progress for Cryptocurrencies Despite Crypto Winter
The American agency which began in 1971 to help investors make informed decisions says that despite the bearish market, 2018 was a year of progress where a foundation was laid for bitcoin and altcoins to thrive.
Notably, quite many significant technologies emerged last year, including the Bitcoin Lightning Network, which is aimed at speeding up bitcoin transactions, Hedera Hashgraph, Holochain and a host of others.
Interestingly, Weiss has also made predictions for the months ahead and what crypto enthusiasts should expect. According to the firm, these forecasts are based on a cycle model of the market trends and a rating model of a coin’s current performance.
Bitcoin Will Remain a Store of Value in 2019
The company’s first prediction is that Bitcoin will continue to be a store of value because no other asset has its combined characteristics of an enhanced level of security, transportability, cost-efficiency and more.
Secondly, users can expect bitcoin’s new all-time high given that this has been the trend since 2015. What is usually obtainable is a 70 percent dump in price and then a 6300 percent price increment after subsequent months.
Weiss ratings have also predicted that some selected altcoins like Hedera Hashgraph will see a significant increment in their price, even as high as 20 times. These are virtual currencies that may have not been reputably known in 2018 but are tipped to be massively adopted this year.
Bitcoin Cash (BCH) Will Fade Away, Big Whales Remain Optimistic
In the same vein, cryptocurrencies without real use cases to back them will fall out of the market, this will possibly include bitcoin cash (BCH) and some others which are among the top 10 digital assets with the highest trading volume as at press time.
When it comes to the Internet, users can expect a more sophisticated technology tagged the Internet 3.0. This is an innovative world wide web that may be brought about by cryptocurrencies like EOS, Holochain, and Cardano, whose blockchains are superfast, Weiss predicts.
That’s not all; the report also notes that distributed ledger technology (DLT) powered cryptoassets from credible projects like Ripple will transform the banking sector and relegate old systems of sending cross-border payments.
It’s noteworthy that several heavyweights in the cryptosphere have predicted that bitcoin and other cryptos are here to stay.
Although most of the bullish price predictions of bitcoin by experts like David Drake, Tom Lee and others failed to come to pass in 2018, 2019 might be the year as institutional investors such as NASDAQ, Bakkt and other get ready to join the bitcoin train.