What a difference a year makes. At the beginning of this year, the market value of digital currencies was more than $828 billion and was expected to reach $1 trillion. But today the market value for cryptocurrencies stands at less than $130 billion and is dropping. Many in the industry believe prices will continue to fall. But some also think that the collapse presents a great opportunity for those looking for a long-term investment. These people insist that the fundamental data underlying cryptocurrencies is actually getting stronger. Another positive sign for the industry is that the Bitcoin Cash war has finally ended, with Bitcoin Cash ABC victorious. Though it is not apparent at the moment whether this will lead to a market upswing. Cryptocurrencies are doing so poorly right now that NEM, which is the best performer, is down 18% this week. While prices of the currency have fallen through its lower range, it is now maintaining a relatively healthy range of $0.08 to $0.13. Ripple continues to make news by forging relationships with banks all over the world. There is further a rumor going around about a possible partnership with U.S. banking giant Bank of America. But at the moment the currency is falling, and many believe that it could fall to its year-to-date low at $0.25 if it falls below the $0.37 level. News relating to EOS has been mixed this week. One report stated that on-chain transactions on the network have exceeded all other digital currencies, but another report indicated that it was far behind Ethereum when it comes to DApp development. The currency fell below its year-to-date low at $3.87, and some think that it could fall as far as $2.15. Bitcoin is continuing its dramatic collapse. A year ago it was trading at $19,531.90, but this week it fell through the $5,000 mark, and many believe that it could fall to as low as $1,500. But the currency is expecting some positive developments in the coming year, including the introduction of a custodial service by Fidelity Investments. IOTA also experienced some positive news this week, but it fell through the $0.40 price point and could fall all the way to $0.14.
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