The CEO of Abra has predicted a boom in the cryptocurrency market this year.
Presently, the cryptocurrency market is not at its best. In fact, it looks far from booming. You’ll recall that the industry suffered a dip in market capitalization falling lower than $300 in the early hours of the day. Major coins are reporting declines here and there and regulators and tech giants are not making the job easier.
Light At The End Of The Tunnel
While Bitcoin saw its price briefly go above the $8,000 mark, it has been struggling to gain traction, and has since fallen below $7,500 today. Ethereum, on the other hand, is currently showing a decline of up to 20% within seven days trading at $462. Litecoin also experienced a decline of about 19.48% trading at $138.
The woes in the cryptocurrency industry are evident. There is no denying that. However, the founder and CEO of Abra, Bill Barhydt, believes that there is light at the end of the tunnel. During an interview Barhydt said:
“I discuss with individuals who run hedge funds, individuals that have high net worths and commodity speculators. While others see the volatility of the cryptocurrency industry as a risk, these people see it as a huge opportunity. The minute they decide to take advantage of this opportunity, all hell will break loose.”
Towards the end of last year, the digital currency industry saw a surge in market value gathering up to $800bn in total market capitalization. However, the glory didn’t last long as the total market capitalization for cryptocurrency is presently below $300.
Some factors that have contributed to the fall in price include but are not limited to the recent regulatory pressures, and the ban placed on cryptocurrency related ads by major internet corporations like Facebook, Google, Yandex and Twitter. Irrespective of all these downfalls, Barhydt is confident that the cryptocurrency industry will recover later in the year.
Although there is not much evidence to prove that the market will turn around for better this year, this is what most people are hoping for.