crypto, Bitcoin, Ethereum, Litecoin, Ripple, Stellar, NEO, EOS, IOTA
The crypto market has been on a roller coaster ride this past year. Will it ever go back up?
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Introduction
It’s been a rough few years for cryptocurrency. After the market exploded in 2017, prices came crashing back down to earth in 2018. And 2019 has been more of the same, with crypto prices stuck in a prolonged slump. So will crypto ever go back up?
There are a few factors that suggest the answer may be yes. For one, the underlying technology of blockchain is still very much in its early stages of development and has a lot of potential. Additionally, there are more and more institutional investors showing interest in cryptocurrency, which could provide the market with some much-needed stability. Finally, as more and more people become aware of cryptocurrency, there is a potential for increased demand that could help drive prices back up.
Of course, it’s impossible to say for sure whether or not crypto will ever go back up. But there are certainly some reasons to be optimistic about the future of cryptocurrency.
Bitcoin
Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.
Bitcoin (BTC) is a consensus network that enables a new payment system and a completely digital currency. Powered by its users, it is a peer to peer payment network that requires no central authority to operate. On October 31st, 2008, an individual or group of individuals operating under the pseudonym “Satoshi Nakamoto” published the Bitcoin Whitepaper and described it as: “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
Ethereum
Ethereum, the second largest cryptocurrency by market capitalization, is down over 90% from its all-time high set in January 2018. The question on many investors’ minds is whether Ethereum will ever go back up.
The simple answer is that nobody knows for sure. Cryptocurrencies are highly volatile and tend to move in cycles. After a period of rapid growth, it is not uncommon for prices to crash. Ethereum has experienced several crashes in its short history, and each time it has eventually recovered and gone on to set new all-time highs.
So, while there is no guarantee that Ethereum will go back up, history suggests that there is a good chance it will eventually recover from this latest crash and once again start climbing higher.
Litecoin
Created by a former Google engineer, Litecoin is the silver to Bitcoin’s gold. It’s also one of the oldest cryptocurrencies in existence, having been launched in 2011.
Litecoin has always been considered one of the more successful altcoins. It has consistently ranked in the top 5 by market cap, and it even reached #1 for a brief period in 2017. But despite this success, Litecoin has never regained its all-time high price of $375, set in December of 2017.
So what’s Litecoin’s problem? Why hasn’t it been able to keep up with Bitcoin’s price growth?
There are a few possible explanations. First of all, Litecoin is very similar to Bitcoin. It uses the same proof-of-work algorithm, and it has a total supply of 21 million coins. This lack of differentiation makes it harder for Litecoin to stand out in the eyes of investors.
Second, Litecoin doesn’t have the same level of mainstream recognition as Bitcoin. It doesn’t have as many high-profile partnerships or as much media attention. This lack of awareness could be holding back its price growth.
Finally, Litecoin is facing stiff competition from other altcoins that are trying to position themselves asBitcoin alternatives. These include Ethereum, Monero, and Zcash. Each of these coins has its own unique selling points, which makes it tough for Litecoin to compete.
So will crypto ever go back up? For Litecoin, the answer is probably yes eventually – but it might take a while for it to reach its previous highs.
Conclusion
The cryptocurrency market is still young and volatile, so it’s impossible to say for sure whether or not crypto will ever go back up. However, there are many reasons to believe that the market will recover in the long run. For one thing, the underlying technology of blockchain is sound and has a lot of potential applications. Additionally, more and more people are becoming aware of cryptocurrencies and investing in them. As the market matures, it is likely that we will see more stability and growth.
