Cryptocurrencies may take 11 years to recover to historic highs: co-creator of Ethereum

In the last 24 hours, the prices of major crypto assets have fallen by more than 5 percent as the Bitcoin price declined by around 2 percent. In consideration of the pattern of BTC since early January of achieving lower highs across four consecutive weeks, some traders expect Bitcoin to test its 12-month low. In mid-December, Bitcoin dropped to as low as $3,122 against the USD. After showing some signs of recovery in the latter half of the month, the dominant cryptocurrency initiated a continuous sell-off.

In the long-term, most executives and investors in the cryptocurrency sector believe digital assets can recover to 2017 peak levels. In the short-term, however, the vast majority of investors in the space unanimously agree that digital assets will face more bloodbath. Some, including Charles Hoskinson, the co-creator of Ethereum and founder of Cardano, are more bearish on the upcoming few months in the digital asset market than others. Previously, Hoskinson said that the price of cryptocurrencies could take 11 years to recover to their all-time highs. Throughout the past several weeks, traders like DonAlt and Hsaka have emphasized that it is crucial for Bitcoin to maintain stability above the $3,400 to $3,500 range.

In late 2017, the interest toward cryptocurrencies from the mainstream was so high that every mainstream media outlet in every major region extensively reported about the emerging asset class on a daily basis. Psychologically and financially, it will be difficult for retail investors, who primarily fueled the bull run of digital assets two years ago, to recover.

Bitcoin in Danger Zone? Traders Brace for BTC Fall to 12-Month Low as Market Drops 4%