A New York-based company, Fundstrat Co. that provides a financial perspective on current market situations has predicted 2019 to be a positive year for the cryptocurrency market.
A recent report published by the company has listed several factors highlighting the improvement in market trends, that will ultimately benefit the Bitcoin sector, and enhance the overall market stability. These factors have been divided into sub-categories such as technical factors, macro, crypto inflows, the blockchain, and equity.
The report also states that ongoing audits of initial coin offerings (ICOs) and lack of legislation around the Bitcoin sector has drastically reduced investment in 2018. Right from the start of 2019, regulatory sectors are developing newer and safer legislations around virtual currencies and existing companies are making more stable platforms to attract better investments.
The report also states that while 2019 will not be the breakthrough year for cryptocurrencies, but towards the end of it, the Bitcoin sector will see a stable trajectory with eventual recovery.
Thomas Lee, the co-founder, had predicted, that in 2018, Bitcoin sector would eventually reach fifteen thousand dollars ($15,000) in market value and although the market performance did not meet to his expectations, he remains positive to see a crypto boom in 2019.
FundStrats report seems to be aligned with the general sentiment seen by others in the market, such as Morgan Stanley’s report on the rise of virtual assets as a new asset sector and PWC’s report about the increase in institutional investments in the crypto sector.
Several countries who were previously unsure about the new virtual currency, such as India, are now forming laws in order to inculcate digital assets with worldwide established currencies.
This recent trend is pointing towards a more welcoming and positive attitude towards Bitcoin and blockchain across the globe. Improvements in the basic regulating framework will increase the buyers’ self-confidence in investing in the cryptocurrency market.