Bitcoin (BTC) on the chart is close to USD 4,000. The oldest cryptocurrency has increased by almost 10 percent in the last 7 days. Is this the beginning of a bull market?
The largest Ethereum altcoin (ETH) increased to USD 148.75. This cryptocurrency also includes strong increases. In turn, Ripple (XRP), the third main token according to market capitalization, is valued at 0.311 USD, and its increases during the week amounted to 6.87%.
Both the total market capitalization and the daily volume remain stable.
Well, is this the beginning of a bull market? I think it’s too fast to say that. Behind us, however, a long slump and recovery on the charts belongs to all cryptocurrencies and tokens. In May this year this year will remain until the next distribution of the BTC award. During this period, as a rule, increases began. So maybe what we see now is just a prelude?
An effective market analyst, NexusHash, wrote some time ago on his blog:
“I think it will take about 3-5 years before the technology will be fully usable. The cryptocurrency market will again attack new peaks in 2-3 years, you can easily set up a new $ 250,000 target for Bitcoin, which is confirmed by, for example, billionaire Tim Drapper, I follow for years he must know what he is saying. ”
Technology develops without a hype?
Reddit’s co-founder, Alexis Ohanian, said in those days that cryptocurrency craziness had disappeared, leaving room for the truly trusting in the blockchain and the cryptocurrencies that remained to build the cryptographic infrastructure without speculators on the market.
Ohanian explained that in his opinion, the expiration of the hype around cryptocurrencies and blockchains is really good for the development of the industry. He said:
“Now you can still see it, but what is a strong [positive] signal for me is that still some of the smartest people I know in the field of technology are working to solve these problems. They’re building blockchain-based companies. But I think it’s good. ”
Asked about stablecoin JP Morg to be aired this year, Ohanian stressed that it is just another signal that real innovation takes place when there is no wild speculation.