Bitcoin storms to within touching distance of $7,000 with an early Tuesday morning (UTC) burst from the bulls that has caught out the bears, while IOTA continues too move ahead after the Fujitsu tie-up news.
The bear trap may not hold but there is a feeling in the market that we are over the worst of the year of the bear, although we haven’t quite exited yet. To really know whether that is happening volumes need to rise substantially from here, currently at $4.2 billion in the past 24 hours according to Coinmarketcap.
Bitcoin dominance is slightly lower at 52.9% and overall crypto market cap has risen to $225 billion.
Bitcoin to $3,000?
Well-known crypto face and influencer Anthony Pompliano, founder of Morgan Creek Digital, thinks bitcoin will fall to as low as $3,000 before recovering to $10,000. “Pomp” has been crunching the numbers and this is what he came up with:
“The final data outputs left me with a few uncomfortable conclusions. The most notable one is that we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have 50% price decrease to go. Things may get really, really ugly if this happens.”
Also, not jumping for joy just yet is ShapeShift chief executive Erik Voorhees, although he sees better times coming down the line. “I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally, in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.”
IOTA keeps climbing on Fujitsu tie-up
Altcoins are making a bit of a comeback today too, but as always these days, underperforming bitcoin. IOTA is up 12% at $0.607%, building on yesterday’s gains on the back of the deal IoT blockchain protocol project has just struck with Japanese giant Fujitsu.
The Japanese IT equipment manufacturer wants to use IOTA for its audit trail process, data security and ID management. On that last part, IOTA’s Tangle technology is being integrated with Fujitsu’s PalmSecure Palm Vein Pattern Recognition Technology.
Bitcoin Cash not dead yet
Bitcoin Cash (BCH) needs some love after the news emerged yesterday that miners were abandoning ship. BCH booster Roger Ver aka “Bitcoin Jesus” and owner of bitcoin.com, who is fond of referring to bitcoin as bitcoin core, told CNBC’s Fast Money: “Bitcoin is no longer…usable for commerce at all. The fees became high, the transactions became slow and unreliable, and people like myself and everybody else who was actually trying to use it for commerce stopped and switched to something else, and that something else looks most likely to be Bitcoin Cash for the most number of people.” BCH is the way to go “from an investment standpoint” says Ver. He also holds a bunch of other crypto:
“I hold more Bitcoin Cash then anything else, but I have some Ether, some ZCash, some ZCoin, Dash, Monero and I still hold BTC as well. So a little bit of everything is a good idea, including a bit of Ripple (XRP) and Stellar (XLM). Diversify, diversify, diversify is the name of the game.”
Japanese miners GMO doesn’t agree – it announced last week that it has stopped mining Bitcoin Cash.