After a chaotic 3 day loss, the cryptocurrency markets now seem to be consolidating with minimal damage or gain in value. Bitcoin’s dominance is back at 42%, a value last seen in June 2017. In terms of the highest percentage gained last year, Ripple [XRP] was the winner which multiplied by 35 times.
Bitcoin came into existence for facilitating anonymous payment without any intermediaries in between. The three payment kings Bitcoin, Litecoin and Monero now according to the community have evolved over the past few years and have specific utilities. Many feel Bitcoin will be used for real-estate, car or big payments in the future. Litecoin will be used for buying your daily groceries, buying a cup of coffee and the small day-to-day purchases. Monero will be used to make anonymous payments.
Our Sentiment Analysis segment would now be published daily with different tokens given priority to every day. This segment came about after multiple news portals publishing redundant chart “analysis” for every token did not give both sides of the analysis to the investors.
With this segment, we try to cover the sentiments that are currently prevalent in the market. For this piece we have interviewed people from specific crypto markets; these include investors, miners, market analysts, journalists, skeptics, and influencers.
Bitcoin at press time was trading at $8171 with a market cap of $138 billion and a current circulating supply of 16 million. Although Bitcoin had gone down to $7600 yesterday morning, since yesterday afternoon, Bitcoin has been constantly trading at the $8100 mark with minimal 1-2% deviation.
Joseph Lee, a lawyer currently advising in ICOs says,
“No one is talking about the value of what these would bring to the market. Fact – the moment I have started accepting payments in crypto for my services, the current banking systems have failed. When more people transact and accept cryptos the systems will fail, it is just a matter of time. So then where do you think the prices would be at?”
Kirwan Mrikut, a hedge fund manager at Nuggs & Mons says,
“When you see someone you know who says, Bitcoin will drop to 0, please slap him. #slapbitcoinfuders is my new aim in life. Yes, it might drop further down to $7k or $6K, just keep buying. Bitcoin is going nowhere because crypto and blockchain are going nowhere.”
Ajmal Nawab Khan, a cryptocurrency enthusiast who has been investing since early 2016 says,
“The sadhus [enlightened teachers] in Nepal can remain calm under extreme duress because of constant exposure to intense climate. I think the immature, naive investors need some of that. Everything is panic, panic, panic. I am a HODL guy, I would rather sell when Bitcoin hits zero than sell it now!”
In conclusion, surprisingly in spite of a dramatic drop last week from $11,600 to the current $8000, impressive 74% investors and even non-investors were positive about the Bitcoin markets and feel that people are now in for the long haul. Certain respondents also stated they were not scared of the “whale” sellers anymore because they believe Bitcoin has reached a stage where the depth is strong and markets will never crash.
Pegged as silver to Bitcoin’s gold, at press time Litecoin was trading at $160 to a token with a market cap of $8 billion. Although LTC is way below its all-time high at $366 which it hit on December 19th last year, Litecoin has seen an improved momentum in their tech as well as adoption.
Karthik Nair, a Litecoin believer says,
“We haven’t seen the full potential of Litecoin yet. There is so much more to be achieved. The markets would always have swings but if you follow a token with great philosophical value then do not fret. We will see a bounce back up again”
Edward Dreyer, an altcoin miner, mining since 2015 says,
“Unlike everyone else, I believe the altcoin market is growing up. With direct fiat conversions to major altcoins, BTC dependability will come down which will make the markets more independent and less volatile. Litecoin hasn’t hit bottom yet. It could go to $120 a piece before seeing daylight again”
Walton Smith Jones, a student of economics at Hazelton University says,
“This is just 2018, technically the crypto market is just a baby. Let it grow up guys. All the coins in the top 25 are pretty amazing with great prospects. Litecoin has to be the killer this year. By June 2019, Litecoin could be at $1500.”
Out of the 23 people interviewed for the Litecoin sentiment analysis, 42% believe that Litecoin is still heavily in the bearish territory as nothing new has happened. A good 58% believe that Litecoin could be the next mega coin.
Monero has been in the news over the past couple of week for both good and bad reasons. From hackers hacking into home automated systems and major government assets to mine Monero to Apple’s decision of removing the Monero mining app this token has had its 2 minute fame. At press time Monero was trading at $205 with a market cap of $3 billion.
Luis Njagi, a Financial Advisor from Chicago says,
“Monero is definitely going down some more. Just 2-3 weeks ago, Monero was the only coin to gain so much, probably due to the Monero V hardfork but ehhhh, it’s shit. All your anonymity is probably done with and I think people are realizing it slowly. It will tank, probably go to $150ish.”
Jess Daniel, a blockchain ghostwriter for tabloids in London says,
“XMR was probably the only currency I saw in the news last week. All for bad reasons. I think except for your anonymity protection I don’t think it provides real value. The XMV shit show is probably the reason it would lose value. In the long run yes, it would be cool but for the next two months it is down hill”
Out of all the three tokens, Monero was probably the only token where 78% of the respondents feel that the token could lose some more value. People still feel skeptical about Monero’s hard fork and that seems to the major reasons for panic right now.