Home Market Cryptocurrencies set to continue rapid growth in 2018

Cryptocurrencies set to continue rapid growth in 2018

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The rise of cryptocurrencies is expected to continue in 2018, with Internet meme-inspired Dogecoin set to rocket 5,838 per cent in value by the end of the year.

In its April Cryptocurrency Predictions Survey, price comparison site finder.com also found that Ethereum was set to grow by 234 per cent by 31 December 2018.

Cardano was expected to have the second highest growth at 812 per cent, followed by Ripple at 526 per cent.

Bitcoin was forecasted to keep its place as the highest value cryptocurrency with a valuation of £15,261 by December 31 2018.

Jon Ostler, UK CEO at finder.com said: “While the downward trend has continued over the past month for many coins, our panel remains bullish in a presently bearish market, signalling optimism for future growth.

"This is the second consecutive month where panellists are expecting no drop in value for any of the included coins by the end of 2018. While Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), Ethereum (ETH) and Stellar Lumens (XLM) are expected to see greater percentage growth than bitcoin (BTC) this year, BTC is still forecast by our panel to reach the highest value of the 13 coins, at $21,485 (£15,261) by December 31.

"Before considering purchasing cryptocurrency, its crucial to understand that the market is incredibly volatile and will continue to represent high risk. Its important to do your research, seek professional advice and compare your options before taking the leap into the market.”

The predictions were compiled by 13 panellists from a range of market analysts and blockchain specialists.

Cryptocurrency saw a meteoric rise at the start of 2017, although a bumpy start to 2018 has caused analysts to describe the market as a bubble.

This week, city regulator the Financial Conduct Authority announced that firms offering financial services linked to cryptocurrency derivatives must be approved by the Financial Conduct Authority (FCA) and comply with all the rules in the regulator's handbook.

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