By the end of the year, the world will be more than just the new kid on the block, as the global economy is in the midst of a long-running period of rapid economic growth, according to a new report by cryptocurrency researcher Tyco Electronics.
While many analysts have predicted the cryptocurrency market would take a massive hit this year, Tyco’s analysis suggests the world may actually be able to sustainably recover from the massive disruption caused by the recent economic recession.
The report comes amid rising concern about the potential for the digital currency industry to be negatively impacted by the latest economic downturn.
Tyco has been tracking the Bitcoin price for nearly a year, and is among the first to predict that the cryptocurrency will eventually lose a significant portion of its value due to the ongoing global economic slowdown.
In addition to the expected drop in the price of Bitcoin, the report also suggests that the number of cryptocurrencies will continue to decline, leading to a loss of about one third of the market value in the next year.
“The current economic recession is expected to continue for the foreseeable future, and will be likely to cause a large decrease in the value of Bitcoin over the next few years,” Tyco said.
“Bitcoin’s current price of $5,827 per coin is the second highest it has ever been at this point in time, just behind the $7,000 mark in January 2018.”
The decline in Bitcoin price will have a major impact on the way people and businesses use digital currencies, which in turn will impact how much people can afford to spend on digital currencies.
For many people, Bitcoin is a more affordable alternative to traditional currencies like dollars and euros.
But if Bitcoin’s price continues to fall, many people may be forced to resort to other cryptocurrencies, such as Ether and Litecoin, in order to make a living.
According to Tyco, Ethereum is the third-largest cryptocurrency on the market by market cap, after Bitcoin and Ripple.
The company noted that its analysis shows Ethereum has the potential to become a major player in the cryptocurrency world, potentially becoming the “Bitcoin of the future.”
“In the long run, Ethereum has a much higher potential for becoming a viable alternative to fiat currencies than Bitcoin,” TyCo said.
In 2017, Bitcoin gained more than 1,200 percent, and Ethereum gained more then 1,000 percent.
The overall price of Ether has climbed more than 700 percent in 2017.
“In terms of overall growth, the recent recession is clearly having a significant impact on Ethereum’s growth.
Ethereum is also the only cryptocurrency with an exponential increase in its market cap since the beginning of 2017, despite the fact that the economy has been in recession for most of 2017,” TyCO said.
The Tyco report notes that Bitcoin and Ether’s price trends have been very volatile, but the cryptocurrency is actually gaining ground every year.
In 2018, the price for Bitcoin climbed nearly 5,000% in one day.
This year, Ethereum rose more than 7,000%, while Bitcoin dropped about 3,600%.
“While the Bitcoin and Ethereum price trends are extremely volatile, their total market cap is much higher than they were a year ago,” Ty Coe said.
“This is partly because Bitcoin is experiencing more than its fair share of volatility, and this volatility is affecting Ethereum’s market cap.
In fact, Ethereum’s current market cap has surpassed the market cap of Bitcoin in 2018, which is a notable achievement.”
Tyco said that Ethereum has more than doubled its market share since 2016.
“Ethereum is rapidly growing, and its market capitalization is nearly $20 billion,” Tyo said.
“Ether, meanwhile, is in a similar position to Bitcoin and is currently at its lowest point since 2016.”
In the short term, TyCo says that the Bitcoin market will likely be able continue to grow because of a number of factors, including the rising acceptance of digital currencies and increased awareness of cryptocurrency in the mainstream.
“However, the Bitcoin/Ether price trend will continue for some time, and the cryptocurrency bubble will likely continue to burst as the price trends become more favorable for Bitcoin,” the report said.