After a bleak weak for the global coin market, contrast volumes in prices are seen to be on a rise.
With the past week filled with events such as Facebook, Google and recently Twitter banning ICOs and cryptocurrency related ads, rumors of Mt. Gox selling off the rest of the Bitcoins, Peter Thiel calling Bitcoin an equivalent of Gold, Litecoin and Cardano upgrade, several tokens getting added on multiple exchange platforms, rumors of Tencent’s investment in Ripple, Reuters announcement to collect Bitcoin-related data feed, the market went through a toll.
Bitcoin at press time was trading at $8675 with a market cap of $146 billion at press time with a boost of 14.87% in the last 24 hours. According to yesterday’s report, Bitcoin was valued $7300 and has increased more than $1000 when compared to today’s price.
The major headlines regarding Bitcoin for the day are:
- Financial Stability Board [FSB] that handles the financial regulation for G20, announced that Bitcoin and other cryptocurrencies do not pose risk to the global financial stability at present.
- Mt. Gox trustee, Nobuaki Kobayashi revealed that selling off the $400 million worth Bitcoin did not affect the price drop in the market.
David Ushakov, a technical analyst from Samara says (Paraphrased from Russian),
“Bitcoin is trying to get free from Mr. Bear and this is a fine example of that. All the investors who HODLd and did not buy the FUD crap which was spreading in the market are probably toasting to their victory right now, like me. So, Cheers guys. Looks like the bulls are back!”
Robin Oliver, a Bitcoin investor from Scotland says,
“Well ain’t this just right. I knew the prices will come up just the way it dropped. What else can you expect from a roller coaster market? HODL no matter what ya”
Karla Maples, an Internal Auditor at the big 4s says,
“I was a 100% sure the price will pump up soon. The FUDders can go to hell with their so-called ‘market speculations’. I honestly think that the main reason its falling is because of the FUD these so-called ‘market speculators’ are spreading. The next 24 hours is critical. The current rise in prices does not feel normal, it definitely feels bullish”
In conclusion, an emphatic 82% of the respondents felt that Bitcoin’s show of force in the past 12 hours is different from the past month. They feel that if this continues on for the next 24 hours then the bullish area is back and Bitcoin could be in for the next all-time high by April or May.
Ripple [XRP] at press time was trading at $0.69 with a market cap of $27 billion according to CoinMarketCap with a hike of 19.56% in the past 24 hours.
The major headline regarding Ripple [XRP] for the day are:
- Ripple has been listed on BitBay.
Peter Lee, a security advisor at a mining farm at Reykjavik says,
“Don’t care what haters say, I have gained so much from Ripple. Invested when it was at at $0.10. HODLing all the way to the top. We are hitting $6 by September”
Alan Nicolas, an XRP investor and a self-proclaimed devotee from Ypres says,
“Will be epic to see the faces of all those who say XRP is a shit coin. There is a real possibility that we could see XRP in between $4 – $6 by this year end. The next day is going to be critical, the way the markets have come up, it reminds of the start of a bull run that happened in December last year “
Dheeraj Shetty, a blockchain developer from Mangalore says,
“I woke up today and my feed was filled with excited people talking about Ripple and the markets going up. I still stand by what a lot of blockchain fanatics say. Ripple does not have a place in the decentralized future. Why should I make CL rich? There would be a pull back soon”
In conclusion, a majority of respondents believe that there were multiple positives breaking out today and that coupled with a dramatic increase in prices could be the signal for the next bull run.
70% of the Ripple respondents believe that there is still time for the markets to be called bullish but they feel if the same trend continues till tomorrow then Ripple can go back to bigger highs.
Litecoin [LTC] at press time was trading at $156 with a market cap of $8 billion showing a 12% growth in the past 24 hours.
Rangaswamy Kumar, a Litecoin investor from Chennai says,
“People have underestimated Litecoin a lot. Litecoin is a token with a real-world uses. What people say is true, buying coffee, groceries and your daily needs could be supported by Litecoin. Although prices are dependant on Bitcoin right now, I believe, Litecoin is the underrated underdog. Expecting a big upward move soon”
Paul Furbey, a physics professor and a crypto enthusiast from London says,
“I have always believed in the potential of Litecoin but right now there are many tokens very similar to what LTC can do. As for the price I believe we have entered a bullish territory now so can expect some good momentum in the next couple of days”
In conclusion, out of the 22 respondents, a conservative 55% believe that there is a possibility that Litecoin could continue the upward movement while the rest believe that Litecoin currently is following Bitcoin’s path and will be exactly behind Bitcoin in terms of prices.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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