Optimistic trends in the cryptocurrency marketFeb 20, 2019
Today the cryptocurrency market remains speculative, so rumors and expectations have large impact on the cost of cryptocurrencies. The current week started with optimistic trends which led to the strong growth of almost all the TOP-15 cryptocurrencies.
There are still 12 cryptocurrencies with a capitalization of more than $1 billion.
At the same time, the capitalization of Monero (XMR) and IOTA (MIOTA) is approaching $1 billion. It is also worth noting that ETH capitalization exceeds the capitalization of XRP by more than $1.6 billion (10%).
Over the past 7 days, EOS remains the growth leader, adding more than 22%. At the same time, another four cryptocurrencies, with a capitalization of more than $1 billion, are showing growth above 10%.
Tether (USDT), TRON (TRX) and Bitcoin SV (BSV) became outsiders, as they
Cryptocurrency enthusiasts have become more active.
Tim Draper stresses that in five years, the cryptocurrency will supplant fiat, making it an instrument of fraudsters.
“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.” - claims Draper.
Moreover, Tim Draper also notes the positive impact of large projects on the market. For example, he commented on the launch of JPM Coin: “Not many bitcoin knock offs have worked particularly well, but they all add to the interest in bitcoin”.
South Korea will invest more than $ 1 billion in blockchain startups until 2022
In 2019, the investment will not be that impressive and will amount in $11.75 million in the first half of the year and $7.45 million in the second half.
However, the fact that the South Korean government are ready to invest in this field, indicates the potential for the development of the cryptocurrency market and blockchain technologies in the nearest future. This provides strong support for the cryptocurrency market.
The speculative component is also important to note. Any growth, as well as the slump of prices, turn out to be quite strong. Therefore,any additional positive trend will further increase the cost of the main cryptocurrency.
Bitcoin costs $5000
Sebastian Sinclair, company analyst at CoinDesk expects BTC to grow further to $5000. This is not only psychological, but also technical resistance level. Sebastian notes that the breakthrough of the technical resistance level of $4100 will allow expecting further growth to the $5000 level. It is quite logical, because the breakthrough of strong technical levels is often accompanied by a powerful price movement. However, Sinclair does not take into account that on the way to the target resistance level there are some more strong technical levels, or even resistance ranges. First of all, it is necessary to pay attention to the $ 4350– $4450 range and then to $4650– $4750.
But the fact that more and more enthusiasts, analysts and other experts predict BTC growth is also a positive fundamental factor for the market. After all, small investors largely rely on their opinions when deciding to invest in this market.
XRP will be a leader or disappear
Opinions in the crypto community vary greatly in this respect. Some predict a bright future for XPR and expect it move to the first position, while others have already buried it.
Yoshitaka Kitao, the head of SBI Holdings, believes that Ripple and its XRP token are able to revolutionize the cryptocurrency market.
“We will promote efforts to expand the practical use of virtual currency like XRP more and more. Also, on the other side, we will provide investment instruments incorporating virtual currency into institutional investors.”
Kitao also stressed that XRP will eventually surpass the bitcoin market capitalization:
“There is basically no value for Bitcoin. The current price of Bitcoin makes it harder and harder to use in practical ways. So I think that XRP will probably become the number one crypto asset. We are aiming to make that happen.”
At the same time, some representatives of the crypto community predict the destruction of XRP, due to recently created JPM stablecoin.