Shifting Focus from Cryptocurrency Threats to OpportunitiesJuly 27, 2019
Clint Eastwood states, “There are two types of cryptocurrency in this world: Bitcoin, and everything else.” When cryptocurrencies are listed or talked about it goes like Bitcoin and the rest, because anything other than the Bitcoin is considered to be an Altcoin.
The Altcoin category is vast, and it occupies any cryptocurrency ranging from the TCAT tokens through Ethereum other than Bitcoin. It has been commonly seen that Altcoins move in Unison. Several significant cap cryptocurrencies tend to rise and fall together.
Researchers stated, “As the crypto sector continues to evolve and further garner public attention, it stands to reason that prominent projects besides Bitcoin will come to be understood and evaluated on their own terms.”
Several Altcoins which provide for a clear utility creates a broad consumer base.
Chinese authorities have recently sparked investigations related to the business practices of TRON.
Roy Liu, Tron Foundation’s head of business development, stated, “FYI the money in escrow is not considered Justin’s cash. Justin has signed a release agreement. Buyer/seller lawyers will follow up and settle.”
When Cohen asked Liu about the overdue in payment over the past two months, Liu did not respond any further. Several Twitter users stated that Twitter was an inappropriate platform to discuss the private sale.
The Altcoin bubble argument is already on. However, there was a decent rise in the price of the Bitcoin above the 10,000 level. However, there were hurdles at $10,200, and a downside correction followed it. The price went below $10,000 and tested the support level at $9,650. A decline followed this in the number of significant Altcoins. The current price action is indicative of a crucial next break for the Altcoins.
The idea of reinventing money is not set to stop anywhere. While just a few large investors have so far dominated the market for the cryptocurrencies, Libra is in to bring in a massive change. The unsettling volatility and the ability to use the cryptocurrency had been a significant issue, which Libra is all set to sort.
In the long run, traditional banking systems and existing payment systems might be replaced by Libra. Politicians and regulators fear that Libra might even replace the sovereign power of the states. However, Facebook has to state that they do not have any intention to change the existing currency system. Despite it is only practical to wonder where all of the current developments in the cryptocurrency market will ultimately lead to.