Why We Believe in Bull’s Comeback this Summer
Many experts believe that the jump in the market value of all cryptocurrencies in February 2019 is indicating the end of the harsh crypto winter.
According to a report by the CoinMarketCap — “Over the 28 day period, the market value of all cryptocurrencies increased by 14.14 percent, the first monthly gain since July 2018”
From these facts and figures, we can assume that the crypto market might turnaround soon. Here are some points why we believe that bulls will do a comeback in this summer of 2019.
Prices and volumes are at the right value for a turnaround
We understand the fact that the current market is not in its full glory but that doesn’t mean it will remain like that. It is said that when there is a volume pick up without the drop in the prices of the cryptocurrencies, this usually signifies a turnaround in the market. Even the current level of the volumes and prices of the crypto coins signal that prices probably go up than down.
More and more companies are using cryptocurrency
At the height of the 2017 Bitcoin mania, there were comparatively a few people who owned any cryptocurrency. People considered cryptocurrencies only as their secondary investment option, not their primary. Knowledge about the market and the technology was a little low. But in 2018, interest in cryptocurrency rose and the number of new cryptocurrency users grew despite the collapse of the market and prices.
DENT wireless recently reported 7.6 million active users. Steemit has over 50,000 daily users. Over 5 million machines have Brave browser. Ernst & Young is utilizing zero-knowledge proof on Ethereum. Factom won a competitive grant from the U.S. government and secured several major clients. Metal Pay launched its app and had to scale back its rewards program because too many people signed up.
These are all Blockchain projects. Not only companies, but the popular influencers are joining the Blockchain wave. Recently, the former leading Youtube channel owner — PewDiePew has decided to move to a decentralized live streaming community — Dlive, which is built around the Lino Blockchain and the platform accepts BTC, ETH, and LTC. The list is endless and it is impossible to mention even the major milestones.
Future potential for growth
The technology is much better now and is improving on a regular basis, new crypto projects are coming to the market, veterans from established financial companies and institutions are leaving their jobs to join cryptocurrency-related projects, and job listings in the cryptocurrency market are going up.
Many institutional investment funds are beginning to buy small amounts of cryptocurrency. Even Robinhood and TD Ameritrade are in the favor of cryptocurrencies. Many countries like Dubai, Switzerland, Singapore are aggressively adopting cryptocurrency. The technology has still a lot of potential for growth.
Conclusion
The market is currently in the bear state, but its current state might be the perfect time for a big turnaround. It impossible to say whether the market will surely turn bullish or not, but the signs mentioned above are surely positive.
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