After the values of popular cryptocurrencies Bitcoin and Ethereum plummeted towards the end of last year, both have shown significant resurgences over the past 30 days.
Ethereum was worth $92.14 on 9 December 2018, but has risen to $154.58 as of 7 January 2019.
Bitcoin, which was worth $3,452.62 on 9 December, is worth $4,014,13 as of 7 January 2019.
This equates to a 67.77% increase in Ethereum’s value, and a 16.26% increase in Bitcoin’s value.
In rand terms, Bitcoin is up 20.42% over the past 30 days on Luno. Ethereum is up substantially, gaining 72.90% in the past 30 days.
These rises in value will reignite hope in cryptocurrency fans who maintain that Bitcoin’s 80% drop was just a bump in the road.
Cryptocurrency expert Simon Dingle predicted at the beginning of December 2018 that Bitcoin will see a slow price recovery throughout 2019.
However, he doesn’t expect Bitcoin prices to break any records this year.
“I really hate talking price, but I wouldn’t expect any major moves past historical highs in 2019,” said Dingle.
“If you’re looking to get rich quick on massive price movements I would suggest that you cool your beans for at least the next year and a half,” he added.
Dingle said that Ethereum is likely to have the most powerful recovery in 2019, adding that it is the most undervalued cryptocurrency around.
Blockchain in 2019
According to Dingle, Bitcoin and Ethereum will dominate the cryptocurrency scene in 2019 – with smaller ICOs claiming to be “better than Bitcoin” unlikely to make any significant inroads.
He added that there are a variety of significant blockchain events coming up this year as well.
“There are some big events coming in 2019, starting with the launch of Bakkt, which is a Bitcoin securities platform being developed by ICE – the company that owns the New York Stock Exchange – in partnership with Microsoft and Starbucks,” said Dingle.
According to Dingle, China’s lifting of various bans on Bitcoin, as well as some US states allowing taxes to be paid with the coin, are good signs for cryptocurrencies.