Market Update: Bitcoin World Reserve Theory, Market Cap Loss of $ 16B, Analysts Predict $ 7,500 ETH
The cryptocurrency market dropped on Sunday night by about 2.14% as global trading volume fell by 31% this weekend. Coins like ethereum, bitcoin, litecoin and bitcoin cash have all dropped by 1-2% in the past 24 hours.
Cryptocurrency assets made $ 16 billion in two days
At the time of publication, the cryptocurrency market capitalization was around $ 261 billion and it has lost about $ 16 billion in the past two days. In addition to market capitalization losses stemming from all over 5,000 currencies, global trading volumes were lower than normal. Currently, bitcoin (BTC) is exchanging for $ 9,279 per coin. Crypto assets have a market capitalization of approximately $ 170 billion and currencies have dropped 2.1% over the past 24 hours
Ethereum (ETH) is currently trading for $ 230 per unit and the crypto asset has lost 3.67% of its fiat value today. After hovering at $ 0.20 per coin, XRP is down 2.3% today and trading for $ 0.188 per XRP. Tether (USDT) of course, is working quite well with the market losing value as stablecoins account for two-thirds of the market share of trading pairs. Right now at a price in US dollars per unit price, stablecoins have a market capitalization of $ 5.76 billion.
Bitcoin cash (BCH) is down 2.2% today as it trades for $ 233 per unit in evening trading sessions. BCH is the fifth largest market limit by value below USDT and above BSV. At the time of writing, BCH has a market valuation of $ 4.3 billion.
Monster move is coming soon for Bitcoin
While bitcoin (BTC) and many other crypto assets are merging and following a triangle pattern, many traders think a major shift is taking place for many digital currencies. On June 13, 2020, well-known trader Crypto Birb tweeted with his 83,000 followers that a cyber-monster is expected for BTC.
Consolidated in 1.5 months. This will be a monster move for BTC soon, Crypto Birb tweeted. 70% of my BTC holdings is the long-term position that I get profit from on a regular basis as we grow. Short is just a fence, the trader added.
Bitcoin can be a world reserve currency, said financial author and visionary company Jeff booth
On June 11, 2020, best-selling businessman and author, Jeff Booth, spoke to Keizer's Max Keizer Report on bitcoin (BTC). The stall seems to think that BTC has a good chance of becoming a reserve currency in the world. The author told Keizer that central banks, the creation of huge money is a force that is driving the bitcoin trend, towards becoming a world reserve.
Best-selling businessman and author, Jeff Booth.
Those forces, competing with each other, are driving up the price of essential assets. People are trying to work harder to keep up with rising asset prices created in the first place by the central government. The trend to prevent deflation, Gian Gian said. CEO of e-commerce company Builddirect also added:
I see bitcoin as a possibility, a very capable candidate for a world reserve currency. So I see it has a real chance of winning over time as it works on network effects.
Placeholder VC Chris Burniske expects Ethereum to hit $ 7,500 if Bitcoin reaches $ 50,000
On June 14, 2020, former principal researcher of Ark Invest and Placeholder's VC partner, Chris Burniske, discussed ETH price predictions on Twitter.
Former principal researcher at Ark Invest and Placeholder VC partner Chris Burniske.
On Sunday, Burniske tweeted: If BTC moves [to] $ 50,000 in the next cycle and ETH / BTC returns to its old ATH, then you will see ETH [arrive] at $ 7,500. Placeholder VC's partners and analysts add:
Why is bitcoin up to $ 50,000? As discussed in May 2019, if BTC is half-volatile in this cycle as last time, we still expect it to surpass $ 50 trillion and $ 1 trillion in network value. 1 trillion dollars has been a long time coming for this macro asset. Meanwhile, with the mainstream, ETH will be the new kid in the block - expecting a madness to accompany that perception.
What do you think about the crypto asset market this Sunday? Let us know in the comments below.