Crypto News | Will we see crypto market recover?

Ever since Friday, everyone has been talking about Bitcoin and how the price of BTC spiked from under $7,000 to over $8,000 in just one hour. As impressive as that sounds, the trend since has been one of stagnation, with occasional unimpressive growth. Currently, one BTC is worth around $8,150. Nevertheless, $8,000 is more than $6,000, and with other cryptocurrencies experiencing growth as well, many are saying that you will be able to see the crypto market recover and that the bullish trend is just beginning. In spite of their strong first quarter, big Wall Street banks, including J.P. Morgan and Citigroup, have seen their share prices fall on Friday – by 2.7% for J.P. Morgan, 1.5% for Citigroup, and more than 3% for Wells Fargo.

Traditional markets started their second quarter relatively low, with many ups and downs. On the other hand, the crypto market continues to see growth. Since its low point on Friday, April 6, when one ETH was worth $369, Ethereum has been on a path of recovery, breaking the $500 resistance on Friday – for the first time in over a month. As of press time, ETH is worth $511, which means that this time, the recovery was for real, and not a sudden spike. ETH should test $575 really soon.

Since it is likely that we will see the crypto market recover, at least a little, several analysts and industry insiders have decided to comment on Tim Draper’s prediction from earlier this week that the price of Bitcoin will reach $250,000 by 2022. Among them, Brian Kelly of CNBC Fast Money decided to support Draper’s prediction in an interview on Friday. He said that, after we’ve seen BTC have a 4,000% return over two years, a 3,000% return over four years is not nearly as crazy as it sounds at first, when all you hear is the big number. Besides, we’ve seen a lot of institutionalized money entering crypto markets lately, including Venrock and Soros, which will stabilize a lot of the volatility. Kelly did say, however, that there is still one key issue that Bitcoin needs to overcome if it hopes to live up to Draper’s prediction. Namely, its transactions volume need to increase significantly, as well. Let’s not forget that even when BTC was doing fine earlier this year, and even though fees were at a low point, transaction volumes lagged behind – contributing to the slump that came afterwards.


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Author: Max Rothstein

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