Cryptocurrencies set to continue growth in 2018, but analysts warn of "volatile" market

Josh Mines
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Dogecoin, Cardano and Ripple are all expected to grow in 2018

The rise of cryptocurrencies is expected to continue in 2018, with internet meme-inspired Dogecoin set to rocket 5,838 per cent in value by the end of the year.

In its April Cryptocurrency Predictions Survey, price comparison site predicted that Ethereum was set to grow by 234 per cent by 31 December 2018.

Cardano was expected to have the second highest growth at 812 per cent, followed by Ripple at 526 per cent.

Bitcoin was forecasted to keep its place as the highest value cryptocurrency with a valuation of £15,261 by December 31 2018.

Jon Ostler, UK chief executive at said: “While the downward trend has continued over the past month for many coins, our panel remains bullish in a presently bearish market, signalling optimism for future growth.

"This is the second consecutive month where panellists are expecting no drop in value for any of the included coins by the end of 2018. While Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), Ethereum (ETH) and Stellar Lumens (XLM) are expected to see greater percentage growth than bitcoin (BTC) this year, BTC is still forecast by our panel to reach the highest value of the 13 coins, at $21,485 (£15,261) by December 31.

The predictions were compiled by 13 panellists from a range of market analysts and blockchain specialists.

Cryptocurrencies saw a meteoric rise throughout 2017, although a bumpy start to 2018 has caused many analysts to describe the market as a bubble.

This week, the Financial Conduct Authority announced that firms offering financial services linked to cryptocurrency derivatives must be approved by the City regulator and comply with all the rules in the regulator's handbook.

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