ThinkMarkets Chief Analyst: Bitcoin Beast Unleashed, Targeting $60K to $100K – Plus Ethereum, Ripple and XRP, Stellar, Tron, IOTA
From new analysis on Bitcoin’s revival to new adoption at IOTA, here’s a look at some of the stories breaking in the world of crypto.
The chief analyst at ThinkMarkets says the Bitcoin beast has been unleashed.
In a new piece at Forbes, Naeem Aslam says the relatively low number of people searching for the word “Bitcoin” on Google shows institutional investors are playing a key role in the crypto king’s resurgence.
“This confirms that the surge in the Bitcoin price is mainly due to the institutional participation. One can only imagine where the price will move when retail investors jump back in this space with full enthusiasm.”
According to Aslam, Bitcoin’s renewed volatility and volume show crypto investors didn’t lose interest in Bitcoin, but instead sat on the sidelines waiting for the next rally to emerge.
“In terms of volatility, the beast is unleashed once again. Back in October 2018, Bitcoin’s 10-day volatility was lower than the S&P 500 index and the Nasdaq. It did drop below the S&P 500’s 10-day volatility in March 2019 again, but since then, it has been increasing.
To conclude, I do think the next rally is going to be a lot stronger than the previous. One can call it a bubble, but this time the Bitcoin price range could very well be between $60,000 to $100,000.”
The latest edition of EthHub Weekly is out, covering all things Ethereum.
This week’s post looks at new developments on Cloudflare’s new Ethereum Gateway, MyEtherWallet, Dharma and more.
Ripple and XRP
The founder of the Ripple-backed startup XRPL Labs says people can now send up to 500 XRP through the popular XRP Tip Bot. The platform allows users on Twitter, Reddit and Discord to send XRP to one another by entering a string of commands.
— Wietse Wind (@WietseWind) June 18, 2019
The Stellar Development Foundation’s new executive director Denelle Dixon just published an outline on where the platform is heading, including new efforts to push adoption.
“We are building products that prove the value of the Stellar network. Right now, we’re working on a Stellar-built dollar savings and payments app, and lining up Latin American payout partners to connect it to real people in the real world. There’s an actual need for a product like this, and it’s a use case Stellar was built to solve. By showing the world how it works, we hope to inspire others to build bigger and better.”
Tron founder Justin Sun just hosted a livestream celebrating the launch of Tron’s blockchain one year ago. Sun recaps progress made on the platform and answers questions from the community.
IOTA has partnered with the digital food safety management company Primority.
“By storing this valuable information on IOTA’s immutable distributed ledger, the Tangle, consumers will also be able to gain full insights about the allergens they seek to avoid by the simple act of scanning a barcode on just one app on their phone.
Consumers will be able to do so without sharing any personal, sensitive information, and without owning any cryptocurrency. Thanks to IOTA’s permissionless nature, food manufacturers will be able to seamlessly share the data via feeless micro transactions without dealing with complex and costly business models and infrastructure.”
IOTA Partners with @primority to Ensure Allergen Food Safety Using Distributed Ledger Technology. 220 Million People Worldwide Live with Food Allergies. New Technology Aims to Minimize Threat of Potentially Fatal Food Allergens.https://t.co/ndxNaYHddM#IOTA #foodsafety pic.twitter.com/M8gqqyJRaM
— IOTA (@iotatoken) June 20, 2019