Could Bitcoin and Ethereum Double in Price?

Opinion

With the global market cap over $400 billion and Bitcoin over the price of $9000 again, it is fair to say that we could be heading into a huge bull market. The question is, will it be more impressive than the bull market of late 2017?

During late 2017, we saw the prices of most coins and tokens rise significantly, reaching all-time highs that some thought was impossible— Bitcoin made it to nearly $20,000. Some think that if the positive trends from April 13, 2018, continue, we could see that record high broken. Of course, before we can consider such huge rises, we should assess why the cryptocurrency market is currently rising, after a bear market that lasted the over three months.

The crypto market has seen a huge volume

Even during the bear market, Bitcoin and Ethereum both experienced 24-hour volumes that were higher than October and December 2017 (when the bull market hadn’t begun). It seems that in 2018, more people were holding and trading currencies than in prior years, and despite the fact that value was dropping, it did not stop people from continuing to invest. While a higher adoption of cryptocurrency doesn’t guarantee higher prices, it does legitimise the market. When volumes are high, it is often seen as a bullish sign.

Cryptocurrencies are maturing

2018 has seen older coins maturing, evolving, and getting refined by their developers. Bitcoin’s Lightning network is performing well, Ethereum is on the way to becoming Proof-of-Stake, and Monero recently hard forked to prevent ASIC miners. These coins and many more are receiving huge updates that improve usability and stability. While it may seem like the markets and the average consumer hasn’t noticed, these changes are the sort of activity that proves cryptocurrency as a legitimate and potent force in the financial industry. When updates like this happen it changes the landscape, and it is possible that this is being reflected in the price.

The economy is improving in general

Cryptocurrency isn’t the only market seeing an increase in numbers: many stocks are rising in price too. This wouldn’t be the first time that the crypto market has mirrored traditional stock markets— during February 2018 both stocks and crypto suffered together. This suggests that the actions of other markets may be felt by the cryptocurrency market, but there is no indication of by how much.

While it is clear that cryptocurrency is on the rise, it is hard to say whether the bull run will lead to new all-time-highs. With that said, it is fair to assume that such rises are possible. Anybody who still invests in these coins (especially the top 10 coins) still believes that they are undervalued, and if that is the case, it should only be a matter of time before they reach bigger prices. It may even be the case that coins like ether and bitcoin double in their prices and shatter expectations.

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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