Bitcoin and other major cryptocurrency prices have plummeted in the last few days, making it a tough week for the crypto market.
Lee McKnight is an associate professor in the School of Information Studies at Syracuse University who has taught several courses on blockchain management.
McKnight says:
“It is not just the Turkish Lira that has taken a bath of late; many crypto-coins are down almost 50 percent over the past seven days.
“Bitcoin remains the leader of the cyber-pack with a current market cap of just over $100 billion today; while many lesser coins have lost much more of their ‘value.’
“Still, 58 coins have a market cap of over $100 million. Are these relatively liquid coins worth investors – excuse me, speculators – taking a chance and piling in at this time? Should we buy cryptocoins at 50 percent off? Hard to say.
“While many lesser emerging market currencies have also been hammered by the downturn in the Turkish Lira, the downturn in cryptocurrency markets in 2018 will take out some of the lesser coins. These include many scams/bad ideas, and likely, some new, innovative coins struggling for their place in the market, who would, could or should have gone to market in 2016.
“I expect most of the 1833 listed crypto-coins will only live on immutably beyond 2018 on the ‘Way Back Machine of the Internet’ archive before long, as the reality of the brain-dead easy (for geeks, students, and scammers) creation of a new coin becomes better understood.
“But that is normal in a time when new technology and markets are emerging.
“I also am confident that by 2019, it will begin to be obvious to many of the currency speculators that they have been focusing their time, money, and speculation in the wrong direction. Real, sustainable blockchained market value can be, and is being created in part with the use of blockchain technologies for decentralized trusted data management.”
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