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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 cap reached $275 billion

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Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

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Switzerland merging Cryptocurrencies with conventional banking

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Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

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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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