Fred Wilson says crypto markets are near bottom, will "slowly enter a new bullish phase"

2018 turned out to be a hellish year for cryptocurrencies, as more than $500 billion in market cap disappeared from over 2,000 cryptocurrencies throughout the year. However, Union Square Ventures co-founder and veteran crypto investor Fred Wilson says good things are on the horizon in his annual prediction for the upcoming year. Per Wilson:

"I think we are in the process of finding the bottom on the large, liquid, and lasting crypto-tokens. But I think that process could take much of 2019 to play out. I expect we will see some bullish runs, followed by selling pressures taking us back to retest the lows. I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto."

Wilson's bullish prediction is based on his belief that a number of promises made in 2017 will start to come true in 2019. For one, Wilson says, “I think we will see a number of 'next gen' smart contract platforms ship and challenge Ethereum for leadership in this super important area of the crypto sector. I also expect the Ethereum open source community to ship a number of important improvements to its system in 2019 and defend their leadership in the smart contract