A growing number of cryptocurrency figures – who just a few months ago were backing a return to a year-end high in the markets – have now revised their forecasts for cryptocurrency’s foreseeable future, as the turmoil on the markets continues. Having seen new 16 month lows in recent days, few would disagree that we are in the depths of a crypto winter, and it looks set to be a harsh one. The big question that everybody is asking – have we now reached rock bottom, or is there worse still to come?
At the time of writing, Bitcoin (BTC) is at £3,160.32 with a 24h change of -3.24%; Bitcoin Cash (BCH) is at £131.29 / -4.46%; Ethereum £89.20 / -2.93% and Litecoin (LTC) £25.31 / -4.61%. Ethereum Classic (ETC) and Maker (MKR) stand out as the only coins currently in the green.
It is however, remember that there is far more to the cryptoeconomy than market values alone, and despite this dark and gloomy background, adoption of blockchain technologies and investement within the sector continues to see healthy growth.
In an article published today on the Coinbase blog, Michael J Casey makes the case that it is the focus on profit above all else that has brought about the downfall we are now experiencing –
“Sadly, I think we’ve set that objective back drastically. We’ve managed to do great harm to the public’s acceptance of and trust in the technology. It’s not irreparable, but it’s fair to say we have a problem when the mainstream now equates crypto with bubbles, scams and losses.”
Essentially, capitalist behaviour has undermined the system that was supposed to challenge everything people despised in capitalism.
There’s food for thought.