2017 was a breakthrough year for the crypto market for major coins such as Bitcoin, Ethereum, and Ripple, increasing awareness by the mainstream market, and innovative new applications of Blockchain technology drove impressive returns.
If you haven’t been following the Bitcoin story, its price is up 600% over the past 12 months, and 1,600% in the past 24 months. At over $4,200 (as of 5 October), a single unit of the virtual currency is now worth more than three times an ounce of gold. Some Bitcoin evangelists see it going far higher in the next few years.
Some traders see it as a good opportunity to buy cheaper stock, or cheaper coins.
Regardless of Bitcoin’s ‘Sell-Off,’ the Cryptocurrency market continues to attract investors
The Blockchain is widely considered to be the next disruptive technology. As such, many believe that the crypto space is a high-potential growth area that could provide massive returns on investment.
According to many crypto traders, the majority of people no longer see Cryptocurrencies as a way to earn a quick buck anymore. People are now starting to invest because they can see the value in the long run.
Claimed investors were still banging down the doors to get in on the Bitcoin action. Bitcoin traders are believers in the technology that was behind them. The faith in the power of the technology extends all the way to the epicenter of world financial markets.
Risks and Rewards
At the end of the day, investing as a financial activity entails risks and rewards. While crypto investing seems to carry more risk due to the technology and the infancy of the space, rewards can also be significant.
Add to all this, the market continues to make significant money. And, as long as that is the case, it will continue to attract enterprising parties from all over.
A more mature crypto market
Even as cries of a bubble get louder, the crypto market has actually trended in the direction of maturation. For one, governments are starting to recognize Cryptocurrencies potential and embrace them in some ways. Japan recognized Bitcoin as a legal payment method in 2017 as well as certifying several Cryptocurrency exchanges to operate within its borders. Russia announced plans to create its own Cryptocurrency, the CryptoRuble, and even Venezuela has revealed plans to launch its own coin.