Crypto Analyst Says Bitcoin (BTC) Bull Run Targeting $68K, Plus Ripple and XRP, Tron, Ethereum, Litecoin, Stellar, VeChain
From Bitcoin’s rate of return to Ripple’s growing network of remittance corridors, here’s a look at some of the stories breaking in the world of crypto.
Crypto trader Nicholas Merten says a historical analysis of Bitcoin’s previous boom and bust cycles indicates a new bull run would bring the price of BTC to $68,000.
Merten, who runs the popular YouTube crypto channel DataDash, says Bitcoin’s rate of return over time will likely continue to naturally decay, with each new bull run bringing around a 1/5 return from the previous run.
Bitcoin’s initial burst from $2 to around $1,000 represented a 51,000% return. The next bull run saw a 9,400% return, as Bitcoin went from around $200 to more than $19,000. By that logic, a new Bitcoin bull run would boost the price of BTC by about 2,300%, to around $68,000.
In the long run, Merten says the dramatic plunges in the price of Bitcoin during its bear market cycles are also likely to level out.
“As we have decaying returns to the upside, we’re going to have decaying downside action as well. So, whereas we’ve seen about an 80% reduction – both times here for the market – it’s going to most likely be that these bear markets drag out longer, and only see about a 60% to 70% reduction. And then in the future, something more around 40% to 50%, which is what we see in much more mature markets. And hopefully, inevitably, much lower levels of decay in downward price action and upward price action, if Bitcoin is to become that store of value.”
The latest edition of EthHub Weekly is out, covering all things Ethereum.
This new post looks at developments on Ethereum 2.0 and a number of Ethereum-based platforms, including Augur, 0x, Maker and Kyber Network.
Ripple and XRP
Ripple has revealed it’s launching a new payments corridor from Saudi Arabia to India. So far, the company has not confirmed whether it will also integrate cross-border support for the XRP-based xRapid between the two countries.
"It’s not just about technology. The power is in the network. As you see more & more players, you will see broad economic benefits." – Amit Talwar, EVP & Head Transaction Banking Sales @MyIndusIndBank at Ripple Regionals Dubai. pic.twitter.com/nz9K1q8vyv
— Ripple (@Ripple) April 16, 2019
A bar in London has reportedly become the first to accept LTC via the Lightning Network (LN). According to a report from Coin Rivet, the Rotate bar has partnered with Lightning Pay to implement the payment option.
The team at Stellar has released its monthly roundup.
The new edition covers the launch of Stellar Lumens (XLM) on Coinbase, partnership developments with IBM, the launch of the Stellar-based STO Smartlands, and more.
It's that time again! Our #Stellar Monthly Roundup for April is now live. We've got details on platform updates, past and upcoming events and meetups, and new dev projects from the community. Check it out: https://t.co/lucqqQRUsi pic.twitter.com/Qk5RtaNabv
— Stellar (@StellarOrg) April 16, 2019
The Tron-based version of Tether (USDT) is now up and running.
Thrilled to announce that the first 10 $USDT has been issued in #TRON #blockchain. This is a huge milestone for stablecoin and a new beginning for #USDT. For partner, exchanges and wallets, feel free to support it. #TRX #BTT Check out: https://t.co/AM8cK0pqrP pic.twitter.com/pYnSnYBOQs
— Justin Sun (@justinsuntron) April 16, 2019
Tether’s USDT stablecoin is an alternative to the Ethereum and Omni-based USDT tokens, and is also designed to be pegged to the US dollar.
VeChain is partnering with a Norwegian food distributor to allow customers to track and verify products.
Norway-in-a-box is building a platform to enable customers from China to “enjoy high-quality products produced in Norway, as well as other Northern Europe countries.” Norwegian seafood will be the first batch of products integrated into the shopping platform.
“By using this VeChainThor Blockchain-powered platform from VeChain, consumers can scan a QR code attached to a product and experience that product’s story. With the VeChainThor Blockchain, each product has its own unique ID. Top Italian wine producers were the first to implement and use this new and unique innovation.”