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Crypto Market could be worth $10 Trillion

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Crypto Markets

RBC capital markets analysts Mitch Steves and Amit Daryanani are extremely bullish on the crypto market and mentioned that the market could reach as much as $10 trillion in total value.

“On a near-term basis we think it is quite difficult to make price statements which is why we are flagging the move now in the case that it sustains,” Steves and Daryanani wrote in a research note. “Longer term, we think crypto currencies are here to stay and will likely become a large market (our long-term estimate for the Crypto Currency space is in the $10 Trillion dollar range versus $750 Billion today)

Crypto market has already started this year on a massive Bull run added more than $200 billion in just few days of 2018, they way it is growing and attracting investors from all around the world, there is very much possibility of crypto market smashing past $1 trillion mark in coming weeks.

Although cryptocurrencies are small today, many big names are in line with RBC in thinking they could get huge. With a finite supply and the number of bitcoins eventually being capped at 21 million, there’s a case to be made that prices could go a lot higher.

Recent estimates from Analysts about Bitcoin 

“Early bitcoin investor Chamath Palihapitiya told CNBC on Tuesday that the value of one coin could go to $100,000 in the next few years and it could go to $1 million in 20 years.  Mark Yusko, the founder of fund-of-funds Morgan Creek Capital, made a case for bitcoin going to $400,000. Former macro hedge fund manager Mike Novogratz, who now runs Galaxy Investment Partners, thinks the price is going to $40,000 by the end of 2018”

There is no doubt about the fact that Bitcoin ans other crypto currencies are here to stay for a longer period of time, many people call it a bubble but if a bubble can make you millionaire then what’s the issue with that Bubble?

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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