Bitcoin and the entire cryptocurrency market could be on its last legs according to researchers from Juniper Research.
The End is Near
A recent study by Juniper Research titled, The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023, warns that the current technical setup of the entire cryptocurrency market indicates the possibility of a total market implosion.
According to the study, daily Bitcoin (BTC) 00 transaction volume fell from 360,000 in late 2017 to just 230,000 daily transactions as of September 2018. At the same time, the value of these daily transactions also fell from $3.7 billion to less than $670 million and the pace of cryptocurrency transactions within the entire market contracted from $1.4 trillion in Q1 of 2017 to less than $1.7 trillion for the entire year.
Wait for it… it Gets Worse
Researchers went even further by suggesting that “based on activity during the first half of Q3, Juniper estimates a further 47 percent quarter-on-quarter drop in transaction values.” The report also noted that the cryptocurrency market failed to rally amongst tense geopolitical events such as the U.S. – China trade war and Brexit-related issues.
While handfuls of well-known analysts, hedge fund managers, and venture capitalists are bullishly forecasting a bitcoin and altcoin trend reversal, Juniper referenced the unorthodox “operating practices of many exchanges,” as well as concerns regarding the “innate valuation of Bitcoin.” The report concluded by saying, “We feel that the industry is on the brink of an implosion.”
Do you think Juniper is on the money with their crypto market prediction? Share your thoughts in the comments below!
Images courtesy of Bitcoinist archives, Shutterstock.
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