Bitcoin Remains Steady, But Price Hike Predicted
Pending cryptocurrency events may push the market up
Image source: pixabay - Free-Photos
As reported on CNBC - Huang, the cryptocurrency market was largely unaffected by the global stock market sell-off.
Just recently on 11th October when the stock markets slipped, Bitcoin dropped 4 percent, along with many other cryptocurrencies. The general trend is that some form of correlation exist between global market trends.
"When we saw equity markets crumble, there was some fear in the cryptocurrency market as well. I think there was an initial jolt due to larger market activity and the sell off," Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, said then that the uncertainty around stocks bled into cryptocurrency markets.
Source: CNBC - Huang
Image source: pixabay - Free-Photos
One other trend that could push Bitcoin prices up would be the upcoming 10th year anniversary for Bitcoin. Major news stand, Forbes - Bambrough, highlighted on Bitcoin's early success as the pioneer for cryptocurrencies.
"I believe that bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade," said Nigel Green, founder and CEO of deVere Group, a financial advisory group.
Source: Forbes - Bambrough
Should mass adoption start in the next decade, it is only likely that Bitcoin's market volume and capitalization would continue to grow. Although new coins would pop up, intensifying the competition, Bitcoin's is already building a longer history than any of the other cryptocurrencies.
The discussion still holds that cryptocurrency is an emerging market yet to reach its fullest potential. As Green suggests the market to expand by 5000%, that would bring the coin market to be worth $20 trillion.
Image source: pixabay - cegoh
Asia's financial markets are not to be overlooked, as the Asia Blockchain Week will be held from 27th Nov to 1st Dec 2018 at Marina Bay Sands, Singapore. The lineup includes Bitcoin and cryptocurrency bull, Tom Lee, Fundstrat's co-founder, Jason Hsu, CTO at IBM and many more.
Recent Thomas Lee was interviewed by the Blockshow Team for the event, while he made a few valuable comments:
BlockShow: In your opinion, what will be the most profitable cryptocurrency next year? Will it be one of the well known currencies or do you expect some new players to have conquered the market?
Mr. Thomas Lee: That is always very challenging to predict but I am sure it will be a token or coin with the best growth in active users. In the past year we saw the best performing cryptocurrencies have had the best growth in active users (e.g. EOS, XLM, BTC and DOGE). I at least expect Bitcoin to be one of the most profitable cryptocurrencies next year.
Source: cointelegraph - Willemse
I think Bitcoin will be the most profitable currency next year.
Nice one, the influence of bitcoin really going to reduce in the next decade.
I wish to be as optimistic as you are @tysler
somehow I dont see much buying power coming to this market in 2018
I think we all need to wait until STO will become new big thing, attracting tons of investors....
yours
Piotr
Exacelente
hi @tysler
Just a quick note: I will be away for a couple of days (Im getting married very soon) and I only wanted to thank you for your constant support and great recent comments.
I would really love to be able to keep in touch with you via email (Im not much into chating apps and Steemit doesnt have any messaging system).
My email: [email protected]
Perhaps you would like to reach out to me one day. I value your work here on Steemit a lot and I believe that people like us should stick together.
Yours
Piotr