Bitcoin's Current Market Cycle Will Last Until May 2020, Blockchain Think Tank Claims
A blockchain-focused think tank, the DD Think Tank, has recently suggested that Bitcoin’s current market cycle could last until May 2020, after analyzing over “100,000 pieces of data of the global cryptocurrency industry.”
According to ChainDD’s 2018-2019 Cryptocurrency Market Annual Report, the cryptocurrency ecosystem is set to keep on developing in the near future, but the market will only turn bullish after Bitcoin’s halving event in 2020, when the amount of new BTC introduced into the market drops from 12.5 BTC per block to 6.25.
In its in-depth analysis, ChanDD’s DD Think Tank noted that as of January 9 of this year, there were 2,091 cryptocurrencies in the market, which lost over 87.7% of its value since its highs in late 2017.
The cryptocurrency that dropped the most during the bear market, it reads, was Bitcoin Cash (BCH) which dropped by 97.3% from its all-time high. For comparison, BTC dropped 81.5% from its all-time high.
The report adds that initial coin offerings (ICOs) in the market kept on growing significantly and launching new tokens into the market. In early 2017 there were 691 cryptos, and by the end of the year there 1,355. In 2018, these saw their numbers drop significantly.
Bitcoin’s price drop from over $6,000 to little over $3,200 came in November of last year, and DD Think Tank explains it occurred over “harsh overall economic conditions,” and over lacking investor confidence in the cryptocurrency market.
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