There are several valid points on each side of this argument. I will do my best to convey some of these arguments on each side. Nobody knows the future, but people have valuable perspectives that are worth listening to. I might be one of those people, but it's possible that my perspective is totally ignorant.
Here are the reasons that this market should grow to much higher highs:
- Less than 1% of people are in this market.
- Currency exchanges like Forex see trillions of dollars passing through every year, most of these traders have yet to move into the cryptocurrency market.
- ETFs and Hedge Funds have been slow to move to cryptocurrency, but they can only deny the excellent ROI for so long.
Here are the reasons that this market is in a bubble that could pop at any moment:
- Most coins are valued based on promises of what they hope to accomplish in the future. These coins currently have no platform, only promises that the eventual platform will be great. (Steemit is currently the best true blockchain platform with a cryptocurrency built in.)
- What value does a coin bring if it is just another currency? We only need a few crypto currencies that don't have a platform and don't even plan on delivering a platform. Bitcoin is top dog, and it's good to have a few with cheaper transaction fees.
- Much of the money in the coin market is speculator money being thrown around whimsically. They pump any currency with a decent webpage and a claim that they will one day have a platform.
A comment regarding Steem and Steemit: Steem is a rather promising cryptocurrency in my opinion because it has a specifi use. That use is to enable micro-transactions and bandwidth allocation on the steemit social media platform. This platform has a strong community behind it and in my humble opinion, it is the best blockchain platform that has delivered on promises.
Please share your opinion in the comments below! I hope you enjoyed reading.