How Andrew Keys Prediction on Ethereum Backfired
Keys noted that bitcoin’s alleged primitivity will be the reason for ether’s rise.
Keys Major Predictions On Blockchain
When a prediction is made, it will always be measured in comparison with the reality. Many analysts have in the past predicted the fate of major cryptos. Looking back, many had foreseen a brighter future for digital currencies this year. 2018 has been bad for many cryptos and one prediction has caught the attention of many this week.
Early this year, Andrew Keys, the ConsenSys Capital boss published an article predicting the performance of cryptos and blockchain in 2018. In his summary, Keys stated that many cryptos will continue thriving this year, unfortunately, that has not been the case. His prediction was based on the growth of cryptos witnessed in late 2017.
Keys had noted that all digital assets anchored on the blockchain will hit a market cap $2 trillion by January next year. Looking at the reality, the crypto market hit its lowest point in 2018, an indication that his prediction will not be realized.
In his article, Keys made other eye-catching predictions about crypto prices. On the long-awaited flippening, Keys noted that it would take place in 2018. A situation that will propel ethereum to surpass bitcoin and become the most valuable cryptocurrency. He noted that ethereum’s market cap will hit $200 billion with a market value of $2000.
Why Keys Thought Ether Will Dominate
His argument was based on a number of factors witnessed on the bitcoin side. Keys highlighted that governance issues at bitcoin would have given ethereum a clear chance to rise. He further pointed out that ether would take advantage of bitcoin’s reluctance to evolve alongside high charges as the reason for its demise. He added that bitcoin cash and filecoin had the greatest chance to beat bitcoin.
On the blockchain usage, Keys said that bitcoin’s nature as a store of value was the reason why the adoption of the technology was slow. He stated that it is that reason why bitcoin will be considered as primitive.
Looking at the reality, bitcoin appears to be the most effective crypto in the market. Ethereum, on the other hand, continues to struggle with the latest trade standing at $170 which is a massive drop of 88% from the all-time high figure. Ether’s market cap currently stands at $21 billion. Sometime this week, bitcoin had a market dominance of 58%, while ether had less than 3%.