The 2018 crypto bear phase is probably the most difficult period that cryptocurrencies have gone through in their journey. After hitting all-time highs in December 2017, the prices have remained disappointingly low, shaving off over 50 percent of the gains. On Thursday, Sept. 20, most cryptocurrencies appeared to be in the green. However, a cryptocurrency expert is predicting that prices will recover slowly and the markets will be back on track in due time.
Prices Will Recover From First-Half Losses
In an email to MarketWatch, the co-founder of open-source blockchain platform Origin, Josh Fraser, noted that the technology sector could help push growth into the crypto industry as well. He added:
“Prices will slowly recover some of the losses they experienced in [the first of half of] 2018.”
He also suggested that usability and pricing remain two of the most critical pain points of the cryptocurrency industry. However, it is evolving to get rid of its issues. He added:
“People who have written off crypto, as a result, will only be drawn back in when they see the real utility, versus speculation. This will help stabilize prices and is why building usable systems are critical.”
Are We Experiencing the Big Overturn?
On Thursday, the prices of the majority of the top 100 cryptocurrencies turned green. Of the top 10 cryptocurrencies, each one made gains with Ripple’s XRP registering a double-digit price rise. According to CoinMarketCap, Bitcoin experienced a 2.15-percent increase, and Ethereum registered a 2.79-percent rise. Price action has continued to be bullish this week with Bitcoin [BTC] recording a nice gain on Friday, increasing 4%. This rise in prices is helping investors feel that the bullish phase in cryptocurrencies could be back.
Last year, the prices remained relatively low, and the market appeared quiet until the last quarter when a huge boom made valuations rise exponentially. The industry comes with several risks, and recently, the New York State Attorney General also noted the problems in this sector in a new report.
The survey used to complete this report was sent to prominent exchanges like Gemini and Coinbase. The report bashed cryptocurrency exchanges for having inadequate means to protect investors from harm and their vulnerability to hacks.
Crypto Prices Will Slowly Recover: Expert Weighs in on the Digital Coin Market was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.