HomeForex News CryptoMarket Update: Bitcoin World Reserve Theories, Market Cap Loses $16B, Analyst Predicts $7,500 ETH
Market Update: Bitcoin World Reserve Theories, Market Cap Loses $16B, Analyst Predicts $7,500 ETH
June 15, 2020
Digital currency markets are down on Sunday evening roughly 2.14% as global trade volume has slid by 31% this weekend. Coins like ethereum, bitcoin, litecoin, and bitcoin cash are all down between 1-2% in the last 24 hours.
Crypto Assets Shed $16 Billion in Two Days
At the time of publication, the cryptocurrency market capitalization is around $261 billion and it has lost around $16 billion in the last two days. In addition to the market cap losses stemming from all 5,000+ coins, global trade volumes have been lower than usual. At the moment, bitcoin (BTC) is swapping for $9,279 per coin. The crypto asset has a market cap of around $170 billion and the currency is down 2.1% in the last 24 hours
Ethereum (ETH) is currently trading for $230 per unit and the crypto asset has lost 3.67% in 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 doing quite well with markets losing value as the stablecoin captures two-thirds of the market share of trading pairs. Right now at a U.S. dollar per unit price, the stablecoin has a $5.76 billion market cap.
Bitcoin cash (BCH) is down 2.2% today as it’s trading for $234 per unit during the evening trading sessions. BCH is the fifth-largest market cap by value below USDT and above BSV. At the time of writing, BCH has a market valuation of $4.3 billion.
‘Monster Move’ Coming Soon for Bitcoin
While bitcoin (BTC) and many other crypto assets have been consolidating and following a triangular pattern, many traders think a big move is in the works for a variety of digital currencies. On June 13, 2020, the popular trader Crypto Birb tweeted out to his 83,000 followers that a “monster move” is expected for BTC.
”Consolidating for 1.5 months already. This is going to be a monster move for BTC soon,” Crypto Birb tweeted. “70% of my BTC holdings are long term spot long that I take profits from on a regular basis as we grow. Short is only a hedge,” the trader added.
Bitcoin Could be a World Reserve Currency Says Financial Author and Tech Visionary Jeff Booth
On June 11, 2020, the entrepreneur and best-selling author, Jeff Booth, spoke with Max Keiser of Keiser Report about bitcoin (BTC). Booth seems to think that BTC has a good chance of being a “world reserve currency.” The author tells Keiser that the central banks’ massive creation of money has been a force that is driving bitcoin’s trend toward being a world reserve.
“Those forces, competing against each other, are driving essential asset prices up… People are trying to work harder to keep up with rising asset prices that are created in the first place by the central governments’ trend to stop deflation,” Booth said. The CEO of e-commerce company Builddirect also added:
I see bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.
Placeholder VC Partner Chris Burniske Expects Ethereum to Touch $7,500 if Bitcoin Reaches $50K
On June 14, 2020, the former lead researcher at Ark Invest and Placeholder VC partner, Chris Burniske, discussed ETH price predictions on Twitter.
On Sunday, Burniske tweeted: If BTC goes [to] $50,000 in the next cycle, and ETH/BTC returns to its former ATH, then expect to see ETH [to] $7,500.” The Placeholder VC partner and analyst further said:
Why bitcoin to $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset. Meanwhile, to the mainstream, ETH will be the new kid on the block — expect a frenzy to go with that realization.
What do you think about crypto-asset markets this Sunday? Let us know in the comments below.