2017 has been an incredible year for cryptocurrency. Bitcoin alone has managed to grab most of the headlines thanks to its phenomenal rate of growth, with bitcoin futures set to exceed $18,000 in the New Year according to financial experts.
It’s fair to say bitcoin has dominated the headlines throughout the year. It’s also fair to say that 2017 is the year that digital currencies captured the global public’s attention, with investors and businesses alike clamouring to make it part of their portfolios and diversify it as an offering to customers.
Cryptocurrency goes well beyond bitcoin though. There are more than 1,000 different digital currencies out there, with the cryptocurrency market appreciating more than 1,200% this year. That’s fantastic news for early adopters who have seen their savings grow; what does the future hold though, and will those trends continue?
Predicting the state of the cryptocurrency market for 2018
For many commentators, that’s where the good times end. 2017 may have been a flagship year, they say, but 2018 will see the bitcoin bubble explode and investors turn their attention to other markets.
We think that view of cryptocurrency and the overall market is incredibly short-sighted. The entire digital currency movement goes well beyond bitcoin, and this year has seen the market as a whole permeate the consciousness of certain fields and industries to set strong foundations for its future.
IOTA, the fourth-largest cryptocurrency on the market is one of the best examples of this, with the company’s value soaring after it announced a strategic partnership with tech giants Samsung and Microsoft.
Japanese IT firm Fujitsu has also announced that it has created a new payments technology that connects different blockchains (key to the cryptocurrency creation process), enabling exchanges and payments between different digital currencies.
Far from 2017 being a one-off for digital currencies with 2018 representing the beginning of the end, we’re firm in the belief that this year has been significant in popularising digital currencies in the public eye and introducing more people and commercial entities to the possibilities they can potentially provide.
2018 will be about embracing digital currency
As more and more people become attuned to and switched-on with digital currency, expect to see 2018 be a time when better education takes hold. The creation of digital currency can be a complicated process for people to understand; expect to see more companies, platforms, brokers and providers interacting with people to help them better get to grips with everything digital currency can provide.
Especially in a commercial fashion. As 2017 closes with bitcoin and digital currency markets more popular than ever before, expect to see more commercial competition appear next year. The brokerage market especially is expected to be quite crowded, with 2018 set to test the mettle of businesses wishing to make it big in the sector.
Better education and working with an experienced payment services provider can help these firms and others like them get ahead of the competition and stay ahead during 2018. Fibonatix works with crypto brokers and digital platforms to help them build trust amongst customers, help them discover and target new markets, help them better understand financial compliance and grow their business.
Take on 2018 with Fibonatix’s digital currency specialists and boost your business. Find out how by contacting us and speaking to a member of our team today.