Bitcoin at $50,000? Here's what analysts say will happen to cryptocurrencies in 2018

 
Courtney Goldsmith
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Alternatives to bitcoin are expected to steal the show this year (Source: Getty)

Bitcoin had a shaky start to the year after a spectacular rise in 2017, so what does 2018 hold for the cryptocurrency?

Dennis de Jong, the managing director at UFX, said despite the blip over the Christmas period, there "really isn't a roof on how high bitcoin can climb in 2018".

"Given the unexpected speed at which it rose towards the back end of last year, it’s difficult to put an exact figure on what it will reach, but we certainly could be looking upwards of $50,000 in 12 months’ time," he said.

Read more: Ethereum soars to a record high while bitcoin starts 2018 on a weaker note

Naeem Aslam, chief market analyst at Think Markets, also said bitcoin could touch the $40,000 to $50,000 mark in 2018.

De Jong added that other cryptocurrencies, or alt-coins, like ethereum or Ripple, could see "rapid gains" in 2018.

Iqbal Gandham, UK managing director at eToro, one of the largest cryptocurrency retailers, echoed that sentiment.

“In our view, bitcoin is unlikely to steal so much of the show this year. Building on the momentum from last year, it is likely that investors will increasingly consider additional cryptocurrencies such as XRP [Ripple], ethereum, litecoin and dash as part of their portfolios.”

Gandham said: “In 2017, the total value of all cryptocurrencies in circulation rose by over 3,000 per cent. Looking ahead to 2018, we expect a waterfall effect to take place, with more retailers, governments, and financial institutions embracing blockchain technology, which in turn is likely to drive investor confidence in cryptocurrencies."

Read more: Which 2017 month delivered the best bitcoin returns?

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