Bitcoin falls despite bold price predictions

July 12, 2018
Chris Wheal

Even as cryptocurrency prices continue to fall, there are some extraordinary predictions from bitcoin enthusiasts about how high the top digital coin’s price can go this year.

Cryptocurrency prices continue to fall

The latest prediction comes from Julian Hosp, co-founder and president of crypto firm TenX, who believes bitcoin can hit $60,000 in 2018.

Talking to CNBC’s Asia Squawk Box presenter Akiko Fujita in Hong Kong on Wednesday, Hosp stood by his initial prediction, made in December 2017 when bitcoin hit its record high.

He said: “Back then, December, price was at a $20,000 all-time high. I predicted for 2018, we’re going to see $5,000 and $60,000. So, $5,000, we’ve pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident.”

Other generous predictions

There’s been no shortage of bold bitcoin price predictions this year. Last week Fundstrat’s Tom Lee defended a previous prediction that the price of the digital currency could reach $25,000 by the end of 2018.

Back in February venture capitalist Tim Draper told Bloomberg television reporters that bitcoin could reach as high as $100,000 in the coming years, and John McAfee, antivirus software producer and bitcoin enthusiast, believes the price could hit $1m by 2020.

Such improbable sounding valuations did little to buoy the price of bitcoin and its rivals on Thursday, however.

Eos remained the most-heavily sold of the top 10 digital currencies by market capitalisation for the fourth-straight session and is now down 25% over the past seven trading sessions.

Thursday’s price moves

Here’s a round-up of today’s price movements of the top 10 at 11.30am London time:

  • Bitcoin was down 2.6% at $6,184
  • Ethereum fell 1.3% to $432.10
  • Ripple lost 2.7% to $0.43
  • Bitcoin cash shed 2.4% to $676.38
  • Eos lost 4.9% to $6.62
  • Litecoin slid 2.5% to $75.88
  • Stellar lumens fell 2.8% to $0.18
  • Cardano slipped 3.3% to $0.12
  • Iota was down 2.8% at $0.94
  • Tether inched up 0.2% to $1
Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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