Cryptocurrency Market Trend
This week Bitcoin price took a steep dive after a several weeks of strong bull rally. The price of Bitcoin, according to CoinMarketCap, went over $8,500 and was expected to continue the bull rally accompanied with positive projections from global figures. However, price momentum quickly weakened over night between June 4th and 5th, settling near $7,580 around 6 pm of June 6th (UTC). Recent Forbes piece explained the sharp price drop was caused by sudden Bitcoin dump by Bitcoin Whales — large scale bitcoin investors. Nevertheless, Bitcoin picked up the pace of recovery right after, currently staying at around $8,000 as of June 11th.
Ethereum experienced a bit bumpy road alongside with Bitcoin price drop, dropping from $250 to $230 on June 4th. While it seemed that the price is recovering, Ethereum price dropped to $230 again at midnight of June 9th. However, it traded around $247 on the June 11th, and is showing on-going price fluctuations.
Litecoin price has surged in response to the market’s expectation for the oncoming mining reward halving period. Litecoin jumped from $115 to $129 on June 11th, recording the highest price since May of 2018. Price hike pushed Litecoin to #4 spot in market capitalization overtaking the last week’s position of Bitcoin Cash.
Bitcoin SV recently surged with Craig Wright’s claim on identity of Nakamoto Satoshi, but was soon met with massive drops both in price and trade volume, and massive dump is a very likely scenario.
Weekly Issues
Many prominent figures in the cryptocurrency industry put out some positive outlooks on the market. In Bloomberg’s May 30th report, Mike Novogratz, CEO of US crypto merchant bank Galaxy Digital, predicted Bitcoin will consolidate between $7,000 and $10,000 during a conference call for the company’s first-quarter financial results. Novogratz said crypto and blockchain is becoming “a substantial part of the financial and consumer infrastructure of the world” and expects there will be an even bigger price surge upon wider adoption of crypto.
According to a crypto media outlet CCN, Tim Draper, in a recent interview with Etheruem Classic Labs, said “they’re [the people] going to look back and say either I did or I could have gotten in on that ground floor when it [Bitcoin] was $8K.” A billionaire venture capitalist Tim Draper is one of the strong supporters of Bitcoin optimism and predicted in the past that Bitcoin price will reach $250,000 by 2023 and have 5% market share of entire global market.
Bitcoin skeptics are still doubting the price projections and futures of Bitcoin. Forbes reported on a twitter comment on Bitcoin by Jason Calacanis, well-known venture capitalist for being one of the earliest investors of Uber, on June 3rd. Calacanis stated “Bitcoin will likely be replaced by a new technology … It’s possible [Bitcoin is] built to last, but not probable, so keep your position to an amount you’re willing to lose. For most, that’s 1% to 5% of net worth…[Bitcoin] will likely go to $0-$500.” Forbes concluded with recent experiments of Facebook and US bank J.P. Morgan with their own cryptocurrencies as reference.
Tron’s CEO Justin Sun announced on his twitter on June 3rd that he won the 20th-anniversary charity lunch hosted by Warren Buffett with a $4.57 million dollar bid. All the eyes of cryptocurrency community are focusing on the meeting of a millennial crypto businessman and Warren Buffett, who have publicly expressed his skeptical view on cryptocurrencies of Bitcoin and the likes.
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