Bitcoin, Ethereum, XRP and other major cryptocurrencies have been in a bloodbath lately.
In the last seven days, Bitcoin has lost 15.94% of its value, Ethereum 20.14% and XRP 18.81%.
Of the top 100 cryptocurrencies, only one registered minor gains with most of the rest registering big losses.
This news comes as crypto investors have been spooked by the news that South Korea’s Coinrail cryptocurrency exchange had been hacked, and concerns over further Initial Coin Offerings (ICOs) regulations.
Still, some cryptocurrency experts think that the best gains for major cryptocurrencies are ahead of us.
Ben Marks, founder & CEO, Blocktrade Capital, is one of them. “The best gains are ahead of us. We’re still seeing volume and price spikes whenever a token releases good news, like Ethereum Classic recently announcing it’s being listed on Coinbase,” says Marks.“Additionally, the Binance token has quietly outperformed every other top 20 coin in the last month by a long shot. This shows that the market is still stimulating retail investors, and they’re the ones who drive the bull runs. For an extended bull run to happen, we need positive market news to continually outweigh negative news so that momentum doesn’t keep breaking.”
Chris Kline, cofounder and COO, BitcoinIRA.com, agrees. “I believe that the best days are most certainly ahead of us,” says Kline. “In recent months, we have seen waves of institutional interest in the cryptocurrency sector, including announcements about Goldman Sachs’ Bitcoin trading platform as well as the collaboration between Nasdaq and cryptocurrency exchange Gemini. I believe that crypto prices are down across the board right now because regulatory legislation is still being worked out, but once that uncertainty subsides, prices will rise.”
Others are skeptical. Mary Saracco, blockchain entrepreneur, formerly World Bank Investment Professional and current chairwoman at Alcanzi Security, is one of them. “Even though there have been opportunities for substantial price gains in many cryptocurrencies for the last couple of months, the true gain in the long term will happen once the technology is truly used for the well-being of the mainstream,” says Saracco.
It all depends on development of blockchain infrastructure. “The use of blockchain for the benefit of the community is the core reason why we should keep on developing this infrastructure,” adds Saracco.
Also at issue is whether Bitcoin and other cryptocurrencies will move from the realm of technology enthusiasts to the public domain. “Because of the constant exposure to new information in the space, the focus sometimes tends to be concentrated among crypto enthusiasts, whereas it should be on the entire public (crypto and non-crypto),” continues Saracco. “Mass adoption is, therefore, a central piece in the future of blockchain. The value is more often than not in the simple things. So as long as we can use the technology to solve the hard problems that have not been solved before, the greatest gains are yet to come.”
That has been the case in the past, and it will be the case in the future although it’s hard to predict when that future will come, and which cryptocurrencies will be the winners.