Shervin Pishevar predicted initial troubles and then continued growth of the Bitcoin blockchain. Cryptocurrencies have relied upon Bitcoin to carry the market into respectability. Many of the reasons for past success are owed to key innovations. However, the future of cryptocurrencies will progress differently. They will need to be more substantial and the crypto market more mature. This is what Shervin Pishevar saw developing.
— Shervin Pishevar (@shervin) June 26, 2018
What Bitcoin means to cryptocurrencies is harder to ascertain today than before the rally at the end of 2017. Several months ago, most of the public had only heard of Bitcoin. Cryptocurrencies, if someone had even heard that word, were a passing fancy. Maybe seen as a hobby or obscure technology that might have valuable applications, but not something that would permeate life. In 2017 Bitcoin was the cryptocurrency market. By 2018, people began looking for the next Bitcoin in a growing pool of new ICOs.
There are many reasons for the past success of cryptocurrencies. However, the market capitalization was highly influenced by new innovations. It happened a few years ago with the introduction of Ethereum and again at the end of 2017. The more recent coinciding with a major fork in the Bitcoin (original) blockchain.
A lot of innovations are being planned by new cryptocurrencies for the end of the second quarter of 2018. EOS might be the most notable but is certainly not the only one. A lot of reputable projects center around the EOS platform. The developers have proven themselves by building one of the most success blockchains today.
The future success of cryptocurrencies will occur in a more mature market. This maturity is part of the reason why Shervin Pishevar mentioned a slow recovery of the Bitcoin price. Success in this type of market will unlikely be because of some high profile cryptocurrency being launched that same month. EOS might be the last of the blockchains to bring overwhelming capital to the cryptocurrency market. The maturity of cryptocurrencies appears to coincide with widespread innovation of digital transactions. This makes Shervin Pishevar’s statements about the economy both on target and early.