Bitcoin to Conquer the Moon in 2019 - Weiss Ratings
Weiss Ratings has prepared a cryptocurrency and blockchain industry forecast for 2019.
The strong bear trend that gripped the cryptocurrency market in 2018 cleared out "weak hands" and set the stage for sustainable growth towards new record highs, according to the latest Weiss Ratings forecasts.
The US-based provider of financial ratings for stocks, cryptocurrencies, ETFs, and financial institutions has come up with seven key forecasts for blockchain and the cryptocurrency industry, focusing both on price momentum and technological development.
While 2018 looked like a complete disaster to many of those engaged in the cryptocurrency trading, Weiss Ratings points out that fundamentally, the industry made impressive progress and moved closer to mass adoption.
What's more, the events of the year revealed gross vulnerabilities of blockchain ecosystems and helped investors realize the risks and inadequate protection of utility tokens. This can be regarded as a positive change that will eventually make the cryptocurrency market a healthier and safer place.
Weiss Ratings believes that Bitcoin will gain popularity as a store of value due to the features that no other existing class of assets has.
"Bitcoin costs virtually nothing to store. It’s extremely efficient to transport. It’s secure. And it cannot be confiscated by any government. No other asset provides that combination of properties. And consequently, no other asset can currently compete with Bitcoin as a store of value," they write in their report.
This will help Bitcoin justify its status of digital gold and defy gloomy forecasts and crypto nay-sayers. In 2018, Bitcoin had its fifth bear market with a decline of over 80% of its value. But the price collapse cleared the industry from random people and speculators, while the true believers held on and even accumulated more coins.
Overall, these developments laid the ground for a new bull market will take Bitcoin price to new highs in 2019, according to Weiss Ratings.
Altcoins will follow the lead. Some of them can rise as much as 20 times their previous highs. However, this applies only to the coins with superior and innovative technology that brings value to the world, while Bitcoin copycats will cease to exist.
"Many cryptocurrencies are going to disappear for the simple reason that they bring virtually nothing new to the table. Even among the top 10 by market cap, several fit this description, including Bitcoin Cash, Bitcoin SV, and Litecoin," according to the report.
These developments will lead to a big reshuffle in Top-10 coins by market value. Some new and currently obscure coins may disrupt the current rating due to their innovative features and practical applicability.
Namely, Weiss Ratings believes that coins like EOS, Cardano, and Holochain are on their way to create Internet 3.0; Ripple’s XRP and Stellar will disrupt the global banking system and the financial markets, providing fierce competition to SWIFT.
Meanwhile, in December, Weiss Ratings announced that it was the best time to purchase Bitcoin.