Bitcoin to miss end of year forecasts

Price comparison site finder.com’s monthly Cryptocurrency Predictions Survey found Bitcoin is expected to hit just US$14,638 (£10,995) by 31st December 2018 – half of January’s prediction of US$33,000 (£24,791).

Jon Ostler, UK Chief Executive at finder.com, says the panellists’ pessimism stems from the fact that Bitcoin hasn’t risen above £10,000 since it fell in January. The 10 panellists, who reviewed 13 coins, expect EOS to garner the biggest price increase by end of year, rising 206% to US$38.25 (£28.73). This is followed by TRON and Cardano with gains of 146% and 145%, respectively.

None of the coins are expected to decrease in value this year, but two are set to drop by 1st July: IOTA by 8% and Monero by 7%. The panellists also forecast market capitalisations for Bitcoin, Bitcoin Cash and Ethereum. Bitcoin is predicted to see the highest growth by the end of the year at 95%, followed by Ethereum at 91% and Bitcoin Cash at 76%.

Ostler says while it can be tempting to invest in a newer coin that has a much lower price, investors should check factors such as how long it has existed and how it has fared so far. “It’s important to be aware of and understand the risks associated with such a high volatile currency before purchasing,” he adds.