deVere Group, a global financial consultancy, has launched a cryptocurrency app –called deVere Crypto – with the group’s CEO saying demand for cryptocurrencies will “sky rocket” in the next 12 months.
deVere Crypto is now available for Apple and Android users. It allows them to store, transfer and exchange three major cryptocurrencies: Bitcoin, Ethereum and LiteCoin.
The firm said other cryptocurrencies will also be made available on the app in coming weeks as the deVere Crypto research department analyses the inherent values of those cryptocurrencies.
deVere Group CEO Nigel Green said he expects the app to generate 50,000 downloads in 2018.
The company announced in January that it would be launching a cryptocurrency app.
Its launch of the app comes at a time when Bitcoin, the bellwether cryptocurrency closed 30% lower last week at $8,291.87, its worst level since April 2013. It is also significantly below its $19,000 high seen in November.
Despite this Green is bullish in his outlook for the digital currencies.
“There’s increasing scrutiny of the market by governments around the world, plus enhanced regulation. Therefore, it is perhaps unsurprising that some have questioned the timing of the official launch of deVere Crypto.
He added: “However, demand for cryptocurrencies is set to sky rocket in 2018 as more people get to know about them and use them, and as the interest of governments and businesses, and more regulation, demonstrate how the market is maturing and becoming ever-more mainstream.”
“Bitcoin will remain highly volatile over the next 12 months, which should be expected. When it recovers from its current position and if/when it climbs pass the next major resistance point, we could see it surge by 50 -60%, as many will jump in for fear of missing out for a second time.
“As in all markets, this expected volatility is creating, and will continue to create, important buying opportunities.”
But Green warned that Bitcoin could come under increasing pressure in 2018 due to competition from rival currencies.
“Ethereum will put the squeeze on Bitcoin the hardest, with many analysts saying Ethereum is supported by superior technology and has more uses than the current dominant leader.”
According to market information provider CoinMarketCap, the five biggest cryptocurrencies by market capitalisation are: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano.
Ethereum is currently trading at $790.