May 8, 2020 09:00 UTC
May 8, 2020 at 09:00 UTC
Latest Crypto Market Forecast
The Cryptographic asset market is usually developed on a very short-term basis. Multiple large-cap assets including Bitcoin and XRP are waving positive flags on the gains of double-digit. Macro headwinds are majorly driven by the announcement made of new VC crypto funds and the upcoming Bitcoin block reward halving.
Digital Asset markets have been developed on the recent market bulls with the growth in the value in the previous week of April 2020. The USD price accounts the highest asset on Brave New Coin’s market cap table where Bitcoin registers the growth of ~ 14%. Furthermore, the second and third assets on the table, XRP and Ethereum, showcase upto ~11% and ~5% respectively. And finally looping onto the overall market cap the growth has been registered by ~13% which is extreme positive.
At the end of April 2020, Andreessen Horowitz which is a venture capital firm made an announcement with the hike of around US$515 million for “Crypto Fund two” and new blockchain venture fund. Investment spots of interest in the blockchain tech space include Moden Store of Value, Next Generation Payments, and Decentralized Finance.
Interviewing with Fortune, Chris Dixon, the Co-Manager opined that its exceptional and rate new computing paradigms are in the limelight and we are still thinking this on the scale of cloud and mobile for the internet.
Paul Veradittakit, Partner at Pantera Capital stated that gone are the days Digital Currency Group, Pantera, and Blockchain Capital are entering to the new competition. Now they have potential partners from the likes of Benchmark, Sequoia, and Lightspeed starting funds. The competition with majors, increasing number of organizations, and capital may transform to maximum.
The Bitcoin market has been performing bullish since the previous week. It has been breaking past both the US$8000 and US$8,500 thresholds, at the end of the week near the US$9000 level. He details a number of bullish technical indicators including 50 and 200-day price moving averages, and the current Ichimoku Cloud resistance levels and support.