Total crypto market capitalization has managed to recover the $3 billion it lost over the past two landing it at near $123 billion. Bitcoin itself has narrowly avoided dropping off another dramatic cliff to a new yearly low and remains hovering in the $3,600 region.
The majority of the top 10 coins are reporting minor losses in the 0.1% region to 3% with exceptions made for EOS (+1.11%) and XRP (+0.2%). Ethereum experienced a 10% drop when the time drew near for the Constantinople hard fork, but was able to quickly recover when the hard fork was delayed.
I think it'd be irresponsible to not rename the 2nd try at Constantinople to Istanbul
— Nate Welch (@natewelch_) January 15, 2019
The Ethereum hard fork was delayed due to a potential security issue found in the code that could’ve allowed a pair of hackers to execute a reentrancy attack.
We are thankful to our tireless community that tests to ensure security is airtight before any release. After careful consideration, #Ethereum's #Constantinople upgrade will be postponed due to a vulnerability discovered by @chain_security.#Thirdeninghttps://t.co/INC7be2a6Q
— ConsenSys (@ConsenSys) January 15, 2019
“In retrospect, a reentrancy attack takes place when a smart contract communicates with an external Smart Contract by calling it. If the foreign entity turns out to be malicious, it may take advantage of the call function and take control of the first smart contract. The vulnerability could allow the external Smart Contract to make unexpected modifications in the host’s code. For instance, such an attacker may repeatedly withdraw Ether funds by “re-entering” at a particular line in the Code.” ~ News BTC
What’s Coming in 2019
While the hope in everyone’s hearts is for a sharp recovery to grace the market, the chances of it happening anytime soon are minimal. With Bitcoin barely maintaining the $3,600 support level, all dreams of an early recovery in 2019 and being put away. But that doesn’t mean 2019 is going to be a bust.
The bears have been controlling the market for nearly a year now. Bitcoin accompanied by the rest of the market has fallen steadily every few months with short term rallies intermittently. 2018 was a year of turmoil as the market had to surrender the majority of its prosperity and hype to other industries. The market is wasteland of dead ICO’s and worthless tokens. The major tokens are barely managing to sustain value, how could this all turn around?
Blockchain Will Save Us
Ever since its inception, the cryptocurrency market has been largely controlled by the USA, China, and the UK. WHile cryptocurrency is becoming less popular in these countries, its gaining traction in others.
Blockchain in particular is already being applied to real world situations in third world countries. I’d like to invite you to read our article on how blockchain is ending hunger in Jordan. In essence, by utilizing blockchain technology local authorities are able to deliver food stamps to those in need without any physical interaction or card, only the users iris.
It’s Going to Get Worse
2019 will be the year that blockchain becomes boring and Bitcoin becomes average. Many analysts believe that towards the end of this year we will see the bulls return to the market and Bitcoin will establish a new stable value and market cap increases.
But stability will not come before further trauma. Do not be surprised if you see Bitcoin find new yearly lows in the $4,000 to $2,000 region over the next couple months. A further drop is nearly inevitable. 2019 will be a year of accumulation. Further volume will be gained with more drops as it will allow more people to buy into the market.
In this sense, Bitcoin is a token falling onto a trampoline. What goes down must come up. (or a bad flu!)
So brace yourselves, 2019 is going to be a bumpy ride. But by the end of it, we will see Bitcoin rising in glory once again.