TheBuzr
Cryptocurrencies are not doing that bad at the moment, and neither is the entire industry surrounding this revolutionary concept that was introduced by Bitcoin. In comparison with 2018, which was mostly bad for Bitcoin and other cryptos, the year of 2019 has been indifferent. We already saw a couple of ups that paved the way for a new hope of crypto boost, but there were also downs that made us lose faith in this technology.
At this point, one could claim that there’s a steady (yet uncertain) progress for all cryptocurrencies. In fact, right now (mid-August 2019) is way much better in comparison with the beginning of 2019 when the btc price was approximately $3,700. The price peaked once again in July, breaching $12,000, and it is currently about $10,500 per unit. The last time the price was that high was in January 2018 when things were still heated from the Bitcoin mania that took place in December 2017.
What can hold up the industry? – Zhao’s Review
There are various things which can affect the overall performance of the entire industry, including comments made by influential people such as President Donald Trump who commented recently that he had not been a fan of this technology. As a matter of fact, Trump stated that he couldn’t consider cryptos money.
Many experts even claim that such companies are actually positively affecting the industry. The CEO of Binance Changpeng Zhao stated that the comments made by the American president are not bad as he had not uttered anything that would actually affect cryptos negatively.
Zhao is a complete optimist, claiming that the industry wouldn’t be affected even if the USA would make cryptocurrencies illegal – something that he had described as the “worst-case scenario.” Zhao’s logic is pretty simple – all countries that put bans on cryptos made their citizens aware of this technology, making them obtain more of it.
The reason why the authorities of many countries are concerned about cryptos is illegal activities – they claim that cryptocurrencies make fertile ground for various money laundering operations, black market transactions, and more. They are partly right, especially because cryptocurrency exchanges, such as the one run by Zhao, are often a subject of various cyber-attacks.
But we have to say that perhaps Zhao is looking at the things way too optimistically. Of course, those big changes in the world and individual countries (especially the powerhouses) would affect the industry, although they should put an end to it. However, the future is quite unpredictable, and neither we nor Zhao could make a definitive prediction.
What we can do, on the other hand, is take a look at the current state of affairs among not only bitcoin but also other cryptocurrencies. Perhaps that could tell us more about the possibilities in the future, as well as potential industry boosts. Read on!
Which cryptocurrencies are performing well?
The crypto sphere has been very vibrant recently, as more people join the game, investing more money and coming up with new cryptos and underlying technologies.
Binance Coin
Zhao’s thoughts were not arbitrarily selected for this article, as, being the CEO of Binance, he is one of the most recognizable names in the crypto world nowadays. A coin named Binance Coin, which is related to the exchange has displayed the most significant improvement. Ever since it was introduced back in July 2017 via an ICO, the cryptocurrency has been improving and evolving. It is an ERC-20 token launched in April 2019, and since then has emerged among the top 10 coins, despite the fact that the platform was hacked.
Tezos
XTZ had a very difficult period in 2018, and many things affected its performance negatively. However, ever since it was introduced, the performance of this coin has been steadily going the upwards trajectory. It even managed to have a 70% gain that happened back in March within only three days’ period.
Litecoin
Litecoin has been improving since 2018, becoming one of the top three cryptos, right behind Bitcoin and Ethereum. There has been plenty of good news coming from Litecoin’s side, boosting its performance little by little.
Bitcoin Cash
Bitcoin Cash has also signed significant improvement. In fact, after winning the hash war and becoming a stand-alone crypto, BCH has been improving all the time. Although it has certain problems in the future, the year of 2019 has been pretty good, moving BCH one step closer to the popularity of the original Bitcoin.
Are these cryptocurrencies going to experience a boost in the future?
Although we covered some of the most promising cryptos, it is safe to say that they are still nowhere near Bitcoin when it comes to overall acceptance and market cap. Bitcoin is still massive, and if such a boost happens in the near future, Bitcoin is still going to be affected by it the most. Naturally, all the other popular cryptocurrencies are a part of that image, and that is the reason why they would feel the boost as well. In other words, Binance Coin, Tezos, and all the “newer” cryptos that are doing well recently would also experience a certain boost.
Is the boost going to happen?
To sum up, talking about the future of cryptocurrencies is still a very tricky thing to do, as nobody is certain what is going to happen. They could literally replace fiat money and become the only payment method, or they could be wiped out of existence by some weird twist of fate.
Small boosts happen all the time as well as small downward trends. When we take a look at the big picture, its quality is much better than a couple of months ago, but that still doesn’t mean anything. Instead of wondering whether such a boost would happen, make sure to follow the news, price changes, and all other useful data so as to find out potential milestones that could affect the industry.
