The short-term picture of the cryptocurrency market seems to be green, although not bullish, with all the top 20 coins faring high in that last 24 hours. But the last one hour seems to be very trying for the cryptocurrency tokens as most of them are falling by considerably small amounts. The market has a total market capital of $275.24 billion as of now with 1599 tokens trading on the market. The Bitcoin dominance is shown to be 45.3% when compared to the other coins.
Our sentiment analysis segment brings to you consolidated sentiments form all over the world, taken by interviewing a group of investors, miners, journalists, skeptics, and influencers to let you know more about the current trends in the cryptocurrency market. This sentiment analysis will focus mainly on three top-rated coins viz. Bitcoin [BTC], Cardano [ADA] and TRON [TRX]
Bitcoin seems to have not recovered from the fall it took after the hack a few months back. From an all-time high of $19308 on the 17th of December, last year to a $6554 swing low which happened within a matter of a few weeks. This talks about the volatility of the market and its unpredictability. Bitcoin, the cryptocurrency giant is priced at $7388.07 with a market capital of $125.331 billion and it still is on top of the cryptocurrency market.
Due to a death-cross formation, Bitcoin’s prices were expected to drop below the resistance level but as of now, it has not. It is still trading inside a descending channel and is just approaching the correction area. Analysts are of the opinion that the pick-up made by Bitcoin is due to the rise in the overall cryptocurrency market.
Gaurav Sarang, a Journalist from Dehradun says:
“Before this year end, Bitcoin’s market will drop by more than one third of its value. This analysis is according to the Metcalfe’s law which states that the market capital of Bitcoin will be not more than $77 billion. The new active Bitcoin users’ growth is slowing down drastically.”
Mash Peters, an altcoin expert from Pittsburgh says:
“From the 5th of this month, the bears will pull down the coin so hard that it will drop to all time low levels which will be between $2000 – $3000. The whales attacked during the Easter holidays when the big players may be off. Today everyone goes to work, and the market will crash soon.”
To conclude, 55% of the Bitcoin respondents feel that the age of Bitcoin is over and the saga will not continue. They say that every king has to step down one time or the other and are eagerly anticipating for the next big coin. However, 45% of the Bitcoin respondents feel that even if the price falls down drastically, the bulls will pull it up.
ADA seems to be gaining some momentum today with an intra-day high of $0.166 at 15 hours 49 minutes IST. The coin is priced at $0.164 with a market capital of $4.269 billion and has gained 6.94% in the last 24 hours. It has been a bearish market for Cardano all along since the all-time high of $1.28 on 4th of January this year. It is currently experiencing a selling pressure.
Syed Shah, an altcoin miner currently residing in London says:
“Cardano is undoubtedly a top coin with a lot of potential for aggressive growt. This exponential potential comes due to the fact that it has a good team with good fundamentals. I wish them all very good luck. I believe that a bull run can be expected for Cardano. So guys don’t sell the coins off and HODL it till we get the green signal.”
Albert Andrei, a cryptocurrency enthusiast from Moscow says:
“ADA is almost ready for take-off and now that it has hit bottom but will breakout soon. A wave pattern is expected with immediate dips and rises and once it hits the $.122 mark, the bulls will take it up till $0.25 mark. From there it is expected to have a bull run.”
To conclude 78% of the Cardano respondents believe in the Cardano team and its potential to rise up. They are expecting a bullish trend to kick in soon. However, 22% of Cardano respondents feel that the coin has no future and it is highly unlikely that it will go above $1 mark.
TRON has had a very eventful last month with its ranking going up 4 ranks to reach 10. Currently, it is ranked at number 14 spot. The coin has a price of $0.035 with a market capital of $2.323 billion. It peaked in January when most of the altcoins peaked, but since then there has been no similar trend. But it has more or less followed the same pattern since the beginning of February this year.
Adam Sanders, an investor from Southampton says:
“I’m not a TRON lover personally and I do not intend to HODL. But you could make some money in the meantime. Anytime the price is at $0.02 you should buy and anytime it hits $0.04 you should sell. In my views, the coin will not go any further than $0.10.”
Matt Nixon, an Economics student from Oxford says:
“In my opinion, TRON has the potential just enough to reach $0.045 and then it will drop down and hit rock bottom. At that point, all that we can do is to wish for a breakout pattern and hope that the bulls will pull it up.”
To conclude 60% of TRON respondents feel that the launch of TRON’s test network has not worked in the favor of the coin yet. Another 40% feel that they will benefit from TRON in the near future and that they will HODL till then.
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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