The Bitcoin countdown has begun,
and investors and traders alike are excited about the halving to set in. Litecoin is due on its halving in August this
year. Investors are left wondering if the squeeze in the supply will push the
Brain Kelly, when talking about
how halvening will spur the Bull Run, stated, “[Cryptocurrency halvenings]
are just real simple economics.”
A closer analysis of the price of
Ethereum reveals that that ETH has a long way to go, and with the $30 million
in investment, it is not going to be difficult to make enhancements on the
platform at a faster pace.
Competitors are having to up
their games as ETH has improved on the standards of their games. The market sentiment is stronger for ETH than
before. The company is doing all it
takes to bring like-minded people together to discover the power of blockchain
to create something new to create an edge for Ethereum. The plans of Ethereum for the year 2019 has
been expressed in a Tweet.
ETH is gaining a lot of community
support, and they are connecting communities through common platforms. The coin might touch upon $300, and if market
trends are favorable, it might touch upon $500 by the end of the year 2019.
Bosch, the German automation
company, is running trials using the Ethereum Network. When setting the company’s outlook for the
future, CEO, Volkmar Denner, spoke about four major
technologies like AI, cloud computing, IoT, blockchain, and networks. At the current scenario, it is “it’s
hard to justify the implementation of Ethereum as an IoT network.”
The collective market cap of
Altcoins has touched upon $100 billion. The
Bitcoin Dominance index has topped off, and it will correct in the near
future. Therefore, it can be safely
concluded that the alt season is not yet over.
Bitcoin has currently hit a 60% dominance. It has reached an all-time high at 59.35% in
Kiril Nikolaev, the
cryptoanalyst, stated, “The fact that the bulls succumbed to this resistance despite Bitcoin’s
parabolic run reinstates that the index is still bearish. Our bias is affirmed. The bears manage to recover the horizontal
resistance of 58 percent. On top of that, the weekly RSI of the index is overheated.”
Technical analysts have varying
opinions about their outlook of Altcoins; however, they are looking for Bitcoin
to stay above $8000.