Expectations Peak on the Potential of Bitcoin, Litecoin, and AltcoinsMay 25, 2019
The Bitcoin countdown has begun, and investors and traders alike are excited about the halving to set in. Litecoin is due on its halving in August this year. Investors are left wondering if the squeeze in the supply will push the price upwards.
Brain Kelly, when talking about how halvening will spur the Bull Run, stated, “[Cryptocurrency halvenings] are just real simple economics.”
A closer analysis of the price of Ethereum reveals that that ETH has a long way to go, and with the $30 million in investment, it is not going to be difficult to make enhancements on the platform at a faster pace.
Competitors are having to up their games as ETH has improved on the standards of their games. The market sentiment is stronger for ETH than before. The company is doing all it takes to bring like-minded people together to discover the power of blockchain to create something new to create an edge for Ethereum. The plans of Ethereum for the year 2019 has been expressed in a Tweet.
ETH is gaining a lot of community support, and they are connecting communities through common platforms. The coin might touch upon $300, and if market trends are favorable, it might touch upon $500 by the end of the year 2019.
Bosch, the German automation company, is running trials using the Ethereum Network. When setting the company’s outlook for the future, CEO, Volkmar Denner, spoke about four major technologies like AI, cloud computing, IoT, blockchain, and networks. At the current scenario, it is “it’s hard to justify the implementation of Ethereum as an IoT network.”
The collective market cap of Altcoins has touched upon $100 billion. The Bitcoin Dominance index has topped off, and it will correct in the near future. Therefore, it can be safely concluded that the alt season is not yet over. Bitcoin has currently hit a 60% dominance. It has reached an all-time high at 59.35% in May.
Kiril Nikolaev, the cryptoanalyst, stated, “The fact that the bulls succumbed to this resistance despite Bitcoin’s parabolic run reinstates that the index is still bearish. Our bias is affirmed. The bears manage to recover the horizontal resistance of 58 percent. On top of that, the weekly RSI of the index is overheated.”
Technical analysts have varying opinions about their outlook of Altcoins; however, they are looking for Bitcoin to stay above $8000.