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John McAfee Says the Cryptocurrency Bull Rally is Near

· May 22, 2018 · 9:00 pm

John McAfee believes the march of the cryptocurrency bulls is at hand. The renowned tech activist and internet security expert has added his voice to the growing crypto institutional investment narrative.


Prices Will Go Through the Roof

In a tweet on Monday, McAfee urged traders to gear up for the next crypto price rally. He based his assertions on the influx of cash from institutional investors trooping into the market.

He also said that with the money flowing into cryptocurrencies, prices of the top ten coins will increase dramatically. McAfee also believes that other altcoins will experience growth as investors diversify their cryptocurrency trading portfolios.

When challenged on Twitter as to the veracity of his claims, McAfee gave no basis for his declaration. Instead, the controversial crypto proponent told responders to “use their heads,” “check recent news on institutional investors,” and “apply reason.” Safe to say, this is another one of McAfee’s bold assertions, much like his famous 2017 prediction that “Bitcoin will be 500k in the year 2020.”

The Emerging Trend of Institutional Cryptocurrency Investment

While McAfee did not provide any backing for his claims, there is some merit to his position regarding the flurry of institutional interest in cryptos that have made the news in recent times. A few days ago, Coinbase launched four new products targeted at institutional cryptocurrency investors. Goldman Sachs is also making plans to open Bitcoin trading to large investors as well.

Bitcoin

The overarching consensus is that the crypto market is maturing after a parabolic growth spurt in 2017 which saw prices hit record highs. Since the start of 2018, the market has declined in value, dropping 50 percent of its market cap in February. According to an April survey conducted by Fundstrat, 82 percent of institutional investor believe Bitcoin bottomed out when it fell below $6,000 in April.

The entry of hedge funds into the crypto market should increase the perceived level of legitimacy of cryptocurrencies. One important part of the emerging trend of institutional investment in digital currency is the establishment of trusted custodial services. In the past few months, there has been some progress on this front with a significant announcement by Nomura during the recently concluded Consensus conference in New York.

Do you agree with John McAfee’s assertions of an impending crypto price boom? Which altcoins do you think will dominate the market? Let us know your thoughts in the comment section below.


Images courtesy of Twitter/@officialmcafee, Flickr, and Shutterstock.

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Bře 30

Monthly Price Trends Show BTC Stagnation, Ethereum’s Long Hold Viability

Source: bitcoin

Price

30 March 2016 – This month leaves us some interesting trends in the cryptocurrency market, With Bitcoin remaining solidly above $400 USD coming out of last month’s bullish run, scraping $399 just once on the sixth and averaging day-to-day around $415. This despite a plateau in hashpower on the network, likely in anticipation of the coming halving and problems with core scaling development. Even more fascinating, though, is the explosive price increase of Ethereum, increasing 64.8% to it’s current $11.66 price point at the time of writing.

Also Read: US Electronic Voting Could Be Fixed with the Ethereum Blockchain

Bitcoin Price Chugs Along, Ethereum Remains Unaffected

 

More than ever it looks like traders are getting serious about Ethereum as a viable long hold, a fact much maligned in the hardcore Bitcoin community. Last month’s bullish run didn’t crash the price as speculated by many, and we’ve witnessed an unbroken trend of prices north of $10. Events outside of the trading spheres support this trend, too. The upswing in Ethereum adoption for its powerful smart contract scripting language and active development community offer an attractive alternative to Blockchain platform developers over the Bitcoin ecosystem. It’s also held a higher market cap than the other dominant altcoins (Dash, Ripple, Litecoin, etc.) for longer than any of these currencies’ peak trading periods. While trends are only trends, and I hesitate to make causal links to any of this activity, it’d be naive to dismiss them fully .

 

Price of Ethereum

Bitcoin Stagnation Leads to Ethereum Price, Adoption Upswing

Bitcoin hash rate, showing stagnation for the last 6 weeks

Ethereum has cemented itself as the dominant altcoin in its short lifespan, and it cant all be speculation. It offers unique utility, and none of the shiftiness due to central management of its closest competitor, Ripple. While Bitcoin’s dominance in the Cryptocurrency trading markets isn’t going away anytime soon, the assumption that there aren’t room for two dominant specifications is seeming more and more wrong-headed as Eth gains steam at an unprecedented pace. Bitcoin’s hashrate has been stagnant for entirely too long when exponential growth has historically been the norm, and many issues from the block size and scaling debate remain unanswered. Whether this is fringe trading shifting to a safe-looking alternative, or the birth of a new Crypto juggernaut, the market is indicating Ethereum has value one way or another. I’m not suggesting that Bitcoin is on its way out by any means, but if there’s been a time to diversify your altcoin portfolio, Eth is fast becoming a robust choice

Where do you see Ethereum’s price in the near future? Let us know in the comments!


Images courtesy of Blockchain.info, coinmarketcap.com

The post Monthly Price Trends Show BTC Stagnation, Ethereum’s Long Hold Viability appeared first on Bitcoinist.net.

Monthly Price Trends Show BTC Stagnation, Ethereum’s Long Hold Viability

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