Bitcoin Price Predictions: The Cryptocurrency's Volatility Might Enhance in 2018
Bitcoin's volatility this year has drawn a lot of criticism and also lack of confidence from some investors. As a result, stability has not been the main strong point for the digital currency. And it seems that the expectation is that this volatility will continue in the next year.
A prediction made by a Wall Street analyst indicated that bitcoin will see very high fluctuations in 2018. The Wall Street analyst, Nick Colas, told CNBC that bitcoin's price will fluctuate a lot next year, and the fluctuation will be even higher than this year, between $6,500 and $22,000. Colas has allegedly been analyzing the cryptocurrency market for about four years.
Cyptocurrency analyst: the $14,000 price range would be reasonable for bitcoin
According to Colas, the volatility of bitcoin is here to stay and it might become even higher next year. He also claimed that cryptocurrencies in general are "hard to value." He said that he expects bitcoin to be in 2018 in the range of $14,000, which would be a reasonable price for the digital currency. Colas said that:
When it comes to the cryptocurrency market, Colas predicted that the market share of bitcoin will also suffer a decrease in 2018. Furthermore, altcoins will most likely reduce the dominance of the lead digital currency.
Several altcoins are coming fast from behind and actually there are 34 digital currencies that currently have a market cap above $1 billion. There is no wonder after all that the market share of bitcoin decreased from about 87% to 44.2%.
Colas seemed pretty confident in his prediction regarding the price of bitcoin. He claimed that the price of the digital currency could go higher than what he expects only in the event in which a bitcoin big business is created. What kind of business this would be is not clear for the moment. Colas said that: