The lack of mass adoption in daily use has led many critics to question the future outlook of cryptocurrencies. However, researchers at Imperial College London have said that within the next decade, digital currencies will be used as a payment method for goods and services.
In just a little over eight years, cryptocurrencies, led by Bitcoin, have gained a huge following and have become a new asset class for investing. All this has been achieved in spite of various hurdles by governments and central banks.
China’s central bank has boasted that it has reduced Bitcoin trading in Chinese currency, renminbi (RMB) from above 90 percent to just 1 percent of the world’s total. India has also banned banks from doing business with crypto exchanges. These two governments have made it infeasible to trade in virtual currencies for about 35 percent of the globe’s population. Despite that, the crypto markets are bouncing off their lows.
We believe that most of the top cryptocurrencies by market capitalization have either bottomed out or are very close to their bottoms. Though we don’t expect a blistering rally from these levels, we anticipate most to start a new uptrend within the next few months.
So, which ones are confirming a bottom?
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