At the start of the year, just as crypto markets were in their peak moments, it was common to get some very bullish predictions.
Following the boom of 2017, many analysts and observers felt the run will continue in 2018 bringing with it even new all-time highs.
One of such predictions came from Andrew Keys, co-founder of ConsenSys Capital who made a number of optimistic predictions about the crypto market.
As these predictions resurface, it’ll be nice to weigh them against the current reality in the cryptocurrency space.
What’s more interesting is that these predictions, when they were made, looked realistic, and dare I say conservative. How things change!
Ether [ETH] to reach $2,000 in 2018
In his article, “18 Blockchain Predictions for 2018” which was published on January 2, Andrew Keys wrote, “The price of ether will exceed $2,000 in 2018.”
With the current price a tithe of Keys’ predicted price, it’s going to take a lot of believing to stand by that. That’s belief traders aren’t having as they placed the highest ever number of shorts on ETH this week.
And though he did predict a ‘winter’ for the crypto space, Keys didn’t expect it to come as soon as it did. In his words:
“There will be a crypto-winter, though not in ’18, as the industry is in the spring of its youth.”
Keys wouldn’t be blamed for being so positive about ethereum, cryptocurrency, and blockchain in general. One would have to be a frontline crypto bear to preempt a sudden, devastating and drawn-out downturn in crypto markets.
Keys did mane some very right calls. Matter-of-fact, a number of his predictions have either happened or are in the works. But before the good calls, let’s dwell on some unlikely-to-happen predictions.
Ether [ETH] will exceed Bitcoin [BTC] in Market Cap
Whoa! I bet Keys didn’t anticipate the huge ICO sell-offs. I didn’t either.
“The price of ether will exceed $2,000 in 2018. Ether will continue to outperform bitcoin, and the total market cap of ether will exceed that of bitcoin in 2018. Bitcoin’s governance issues, reluctance to evolve, and extremely high fees could lead it to its demise.”
The ETH versus BTC debate seems to have already been settled for good. Here’s the latest score for that match.
While ether has struggled for months seeing annual lows in its price and market share, bitcoin has maintained a market share of more than half the entire crypto markets for months. Its market cap of $112 billion is more than five times that of Ether at about $22 billion.
Crypto Markets Will Exceed $2 Trillion by Jan. 2019
“The total market cap of blockchain-based digital assets will exceed $2 trillion U.S. dollars by January 1, 2019.” – Andrew Keys, co-founder ConsenSys, Jan 2, 2018
That’s another big one that isn’t happening.
When these predictions were made, the markets was north of $800 billion, so it markets only needed to double to near the predicted height.
Following the market crash, it looks a lot different now. The total crypto market cap of $201 billion will have to 10x to reach $2 Trillion which will be about two times the value of Apple.
Like I said earlier, Keys had some of his predictions on-point.
The Rise of Stablecoins
Only recently, Gemini exchange launched its dollar-pegged stablecoin GUSD which is approved by the New York Department of Financial Services (NYDFS). Paxos also unveiled its stablecoin joining a host of other dollar-pegged coins available.
Just like Keys predicted, Blockchain is making its way into major tertiary institutions in the U.S. and globally. A recent study by Coinbase showed that at least 21 of the 50 top ranking institutions offer a blockchain or cryptocurrency course.
Ethereum maintains the blockchain developer ecosystem in 2018
Ethereum’s developer ecosystem has remained one of the strong reasons to believe in Ethereum. The already sold-out Devcon attests that developers are keen on the Ethereum platform despite the rise of other platforms for deploying decentralized apps (DApps) and smart contracts.
Keys was right.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.