Wednesday, 4 April 2018
Bitcoin market - capitalization down to $77 billion by the end of 2018?
Interesting research on Bitcoin and the whole market of cryptocurrencies was recently provided by researchers from Switzerland. A team of researchers from Zurich in its report speaks of the recent growth of Bitcoins as a speculative bubble, predicting that the market value of Bitcoin, which currently ranges around $7000- $7700, will decline by about 37% to the approximate level of $4500 for one coin or in terms of capitalization, it is not more than $77 billion. It is expected that the main decline will occur before the end of 2018 and this is all based on a theory known as Metcalfe's law.
So, what is Metcalfe's law? This is the theory introduced in the late 1980s, which states that "the value of the network is proportional to the square of the number of nodes," also known as the "network effect."
While equity market valuation is based on such fundamental factors as P / E, and the assessment of foreign exchange markets is based on the fundamental indicators of an economy, Swiss researchers believe that cryptocurrency based on blockchain network should be estimated by the number of users and latitude distribution of the network itself. They came to the conclusion that the number of users of Bitcoins does not support the Bitcoin market growth.
If the Swiss scientists are right, Bitcoins will not continue to grow, as it was in 2017. Moreover, the researchers say that, given the "close correlation" between the price of BTC and the price of the altcoins, the short-term movements of other cryptocurrencies are likely to be under pressure, regardless of their own estimates.
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Thanks for sharing this informative post about Bitcoin market. Now, My question is that do you provide any other cryptocurrency market cap like Ethereum ICO and others. Actually i am looking for them for my college's assignment task.
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