Bitcoin Cash was in the spotlight in our altcoin news section – mostly because of its 20% rally that fueled the crypto market and one that was mainly driven by the Initial Public Offering (IPO) of Bitmain.
However, the rest of the crypto market remained quite stable. Bitcoin, for example, is still hovering around the $6,500 margin while ETH, Ethereum’s native cryptocurrency, is above the $200 margin and trading at $214 (at press time).
A lot of traders are asking themselves if a short-term rally could be what’s next in the market. According to one respected analyst in the cryptocurrency community who goes under the handle ‘Crypto Dog’, a short-term rally could be possible only if the valuation of the crypto market breaks out of the $115 billion mark.
“This is exactly what you want to see on a retest. So far so good. Clear the $114 billion marketcap resistance and we’re due for another large gap up,”
A lot of analysts and investors are confident in the market’s future. One of them is Mike Novogratz, the all-time Bitcoin bull, who last week said that $6,600 is an important resistance level for the most dominant cryptocurrency.
If we see Bitcoin’s momentum over the past week, it is safe to say that the major cryptocurrency in terms of market cap is in a downtrend – declining from around $6,600 to the current $6,478. This is mainly because of the low trading volume, which is expected to rise according to many.
What’s certain is that the low trading volume presents a problem for many traders, especially when it concerns Bitcoin, as the low volume could also trigger BTC to drop below the $6,400 mark in the next 12 to 24 hours.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
Tech Giant Kakao May Introduce Millions Of People To Crypto
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