It is no surprise that crypto community members are waiting curiously for when the digital asset market will enter the bullish territory. The bull rally that occurred in 2017 was remarkable and should be remembered as one of the greatest events in crypto history. But what could have put the market in sustained bearish pressure? How can the crypto sphere return to attain the heights it reached nearly 3 years ago?
Bitcoin (BTC) Price Today – BTC / USD
Crypto Prices Have Failed to Attain the Heights of 2017
Many top digital assets have tried and failed to force their way into reaching new heights. No digital asset has been branded as having a significant influence over the crypto space except Bitcoin. But the top asset class (BTC) has also struggled to reach the heights it attained in 2017. Reports of Facebook announcing its new decentralized cryptographic project, the Libra stablecoin can only come close.
The social media giant has made alliances with top financial powerhouse’s to facilitate Libra. Other tokens such as Ripple’ XRP have been integrated into Samsung’s payment processor, yet XRP s one of the poor performing coins for the year.
All in all, there have no new all-time high records broken by the top coins. At the very least, the current market action doesn’t even mimic the direction that the bullish period in 2017 had. On the other hand, the media has been busy with minute-to-minute reporting on crypto issues and yet we are no were near the explosive crypto price break that happened in 2017.
Two Factors That Could Change the Course of Events
Despite all the negatives stated above, there are still positives to hold on to. The future appears promising, though. There are two, much-anticipated events that could put the crypto-world in the bullish direction explosively and for sustained periods. Here are the factors discussed:
The upcoming ETH 2.0 upgrade is all about moving to the Proof of Stake (PoS) consensus which will be a pretty impressive move. Although the Ethereum Blockchain are not the original owners of the consensus protocol, the decision to integrate it in an already versatile and robust Blockchain network means, the second largest crypto by market cap can actually be the coin to reach new heights better than that of 2017 or similar.
The Ethereum community are excited about the launch of Ethereum 2.0 which is scheduled to go live in the quarter one of 2020. With the PoS protocol in action, the digital asset market won’t need to touch 15% of Ethereum while 2 million ETH will be in the node. The system is predicted to be more efficient to the point that instead of the 6 million ETH currently mined, 1 million ETH will be mined yearly.
Bitcoin Halving Event Scheduled for Q2 of 2020
After Bitcoin’s first halving event, the number one coin experienced a 37% increase in its price. The top asset class went to cross the $9000 mark, and 6 months on, an all-time high point was reached. BTC experienced a 300% rise in its price later on to reach an all-time high.
Traders will be eagerly waiting to increase their buying game the moment the miner reward goes half. Blocks will then be mined in bulk, which will likely take the price of BTC uphill.