Introduction
Market Cap is different from the price at which each coin is
trading. It denotes how much the total value of all coins in existence is. In
other words, Market Cap allows you to compare the value of different
cryptocurrencies. You can also see it as a valuation metric that indicates the
value a specific entity (a company) is holding. Cryptocurrencies are getting a
lot of attention online. Almost everyone has heard at least something about
Bitcoin, the first and biggest cryptocurrency out there.
But other cryptocurrencies such as Ethereum, Ripple, and Litecoin
are becoming more popular as well. Cryptocurrencies are trying to replace money
while also taking care of a few other things. In this article, we'll focus on
cryptocurrency market cap trends and how to analyze the data to get an overview
of how the industry performs over time.
Bitcoin could fall below $3000
The cryptocurrency currently trades at around $5,600 after a recent
rally from weekly lows near $5,300. However, Joseph Young, a Singapore-based
crypto analyst, and contributor at Cointelegraph and Forbes said that the value
of bitcoin could quickly drop by 50 percent if it falls below the key support
level of $5,200.
If Bitcoin drops below 5200 against USD, it is likely to fall to
3000. A lot of people are relying on this level of support. If that breaks in
November, we are likely to see BTCUSD trade at 3000. I remain optimistic
long-term and believe Bitcoin will top 20K USD by 2023.
Ethereum will become the only crypto market,
leader
Ethereum is an open platform for decentralized applications that
runs smart contracts: applications that run exactly as programmed without any
possibility of downtime, censorship, fraud, or third-party interference. Ethereum
is the most promising blockchain for business.
ICOs will come back stronger than ever
Regulators in the U.S., UK, and Hong Kong have issued statements
explaining their positions, and — perhaps more importantly — what they are
going to do about them. The market appears to be responding positively, with
many projects that were previously planning on conducting an ICO now moving
over to a more traditional venture finance model (e.g. blockchain-based
messaging platform Telegram).
The ICO market is still largely unregulated. This gives a
significant advantage to companies that are willing to put in the extra effort
to provide transparency and comply with the laws.
The ICO market will rebound, but it will be a more regulated market
that is dominated by companies that have complied with the law and taken steps
to protect their investors.
If you are going to invest in ICOs, you should do your due
diligence and only invest in companies that are taking steps to comply with
U.S. laws and protect their investors.
Conclusion
Such a great hit of articles that can be found all over the web,
this one will certainly help you understand what Bitcoin is, what it isn't and
why do people invest in it. The writer's answer to the main question is rather
optimistic (cryptocurrency market cap in 2023 will reach $5 Trillion), but be
sure to read this article until the end to make up your own mind.
The author does touch upon the dark side of cryptocurrency, but
still hopes for its greatest triumph. With the continued adoption of
cryptocurrencies, it is expected that their market capitalization will grow
from $106 billion in 2022 to $2 trillion by 2023.
Cryptocurrency is entering a new phase of market maturity, with
rising markets and strong growth drivers. As we enter 2019 this seems to be a
good position where it is now possible to get into the markets when they are
low and wait for them to mature and rise.
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