Investor and bitcoin enthusiast Mike Novogratz said that the cryptocurrency market has already reached its “bottom” and further way down for him there. The total capitalization of digital assets grew to $200 billion, the market has a positive trend.
Rate analysis the TOP-5 of cryptocurrency
Bitcoin. Bitcoin begins the pullback from a critical point of$6400. Experts say that now the market has reached the same point as in November last year before an impressive rally. The first cryptocurrency grows slowly over a week the rate rose just 1%. This is partly related to the uncertain fate of futures and swaps. Bank Morgan Stanley said about the technical readiness to launch a swap if they will be of interest to institutional investors. While the cryptocurrency is trading at $6460, the immediate support is at $6400.
Ethereum. After an intense fall in the prices of cryptocurrencies are rising again. During the day, the asset has risen in price on 7%. Experts attribute such a stir with the release upgrade of a network of Constantinople – he is scheduled for 8 October. While 1ETH give $208. The nearest support level is at $201.
Ripple. Ripple was named the most promising cryptocurrency of 2018, but the hype around it died down. XRP grows by inertia as the entire cryptocurrency market turned around. Today the value of the asset increased by 1%, during the week the price decreased by 4%.
Bitcoin Cash. This asset can not in recent times to boast of success. A week the cost of BCH decreased by 10%, for today’s asset grew by only 1%. Buying activity is quite weak, so new records from cryptocurrency yet to be expected. The nearest support level is at $445, at the time of writing the course 1BCH – $451.
EOS. This asset is one of the few who have demonstrated strong growth. For the week, its price rose by 6%, today – by 3.3%.
Many experts believe that the rally last year again and now is the time to invest in digital assets.
Previously on this topic in the news:
06.08.2018: Why you do not need to wait for new records bitcoin in 2018? 5 reasons
2018 – not the best for bitcoin. Sluggish market demand and fluctuations in investors led to decrease of the asset price. Captainvalor Tuur Demeester sure that in 2018 there is nothing to wait for new records cryptocurrency.
Some investors and advisers, including Lee, believe that $5700 is the bottom of bitcoin, and now the asset is simply obliged to grow rapidly! Economist Turr Demeester hold opposite positions; for instance, there a clear side and a downward trend, and reversal is not expected.
The analyst said that the rapid rally, when bitcoin rose to $20 000 actually started in August of 2015 (when the asset was worth less than $200). The market needs time to review such a record.
Demeester called 5 reasons for limited growth of bitcoin:
06.06.2018: “Bitcoin will not be a global currency” – CEO of Ripple
CEO Ripple brad Garlinghouse in an interview with CNBC stated that bitcoin will not become a world currency. Previously, the Apple co-founder Steve Wozniak said he hopes that bitcoin is a true digital gold, and could claim the role of a global currency.
Garlinghouse have your opinion on this subject: “Bitcoin will not be a panacea and will not solve all problems. XRP transaction a thousand times faster, bitcoin very slow. Faith in the future of one currency is maximalist ideology“. Ripple CEO added that in the cryptocurrency world will be a lot of winners. He has previously stated that the influence of bitcoin on the price of other digital currencies will weaken.
How is the situation really
It is true that bitcoin can not boast of a quick transaction. According to statistics, the average time of a transaction, BTC – 42 minutes, the same Ripple effect is 4 seconds. Although it is worth noting that the trading volume and capitalization of the first cryptocurrencies are much higher than XRP. However, the transaction rate of bitcoin is the result of using blockchain technology, which has not yet been scaled with the expectation of a larger number of users. Ripple uses a completely different technology. The company primarily positions itself as a payment service and actively cooperates with major financial institutions.
If bitcoin and no longer the world currency, this role is not destined to Ripple. Bitcoin at least is a decentralized system, while 60% of tokens XRP belongs to the company-developer and don’t like it for many investors.
28.05.2018: “Buy bitcoin, sell altcoins!” – investor from wall street
Venture capitalist Spencer Bogart said in an interview with CNBC that bitcoin will remain a strong asset, despite the recent fall in prices. By the end of 2018, the cost of the first cryptocurrencies will rise above $10,000.
Bogart is a partner of large VC firm Future Capital. He is the first analyst on wall street who seriously researched bitcoin and blockchain technology. In his interview with Spencer Bogart said:
“Bitcoin is already 3 weeks down in price, but long term Outlook remains unregistered. The institutionalization of bitcoin needed. Every major Bank is trying to do something in the cryptocurrency sphere. Now there is a stable bear market, and for the first time no one predicted “the end of bitcoin“.
Altcoins will not survive the competition
Bogart also said that the cost of many of the altcoins are overpriced and in the long term, they can face significant resistance. The analyst said sell assets such as IOTA, TRON, Cardano, NEO, but will hold Ripple, Bitcoin, Cash, Ethereum, EOS. The expert says: “In the long run Ethereum have a good prognosis. The future of cryptocurrency will be closely connected with the development of ICO, but now its price is affected by hyped tokens created on the platform.”
The expert added that the instability of Fiat currency and the national currency crisis contribute to expanding the use of bitcoin. Spencer Bogart made his prediction that by the end of the year bitcoin will be worth at least $10 000. More optimistic experts believe that the price will reach $20 000.