CRYPTOCURRENCIES are bouncing back after six months of negativity, one expert now predicts that the total value of all crypto in circulation will rise to $800 billion within 12 months.
Bitcoin’s return to $8,430 marks an over 40 percent rise from the multi-month low of $5785 recorded in 2018 and positivity is in the air with Matthew Newton, analyst at eToro, telling Express.co.uk that there’s “real strength” in the move back past the $8k mark.
He said: “If bitcoin can close above $8,000 today, we could assume that we may have a good run toward $10,000.”
A similar sentiment comes from Joseph Young, analyst and investor, who tweeted: “Bitcoin back to $8,100 and crypto market to $300 billion are all great, but I’m interested in the volume.
“Bitcoin’s volume was $3 billion last week. As of July 24, it is $6.8 billion. Total cryptocurrency market volume is nearly $20 billion. Positive stuff.”
In terms of market capitalisation, the cryptocurrency market cap surpassed the $300 billion mark for the first time since mid-June.
Mike Novogratz, founder of Galaxy Digital, has returned to his heady prediction of a 2018 $800 billion market cap for all cryptocurrencies, claiming instead that the $800 billion mark for all crypto in circulation will take another 12 months.
In an interview with CNBC, Mr Novogratz said: “I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have.
“But I do think that we are building a nice bottom for the next move up.”
Ed Cooper, Head of Mobile at Revolut says that the arrival of the massive purchasing power of institutional investors is pushing up prices across all cryptocurrencies.
He said: “Outside of the day to day fluctuations in crypto prices, we are seeing an ever increasing interest in cryptocurrencies from institutional investors, governments, and mainstream stock exchanges.
“For example the parent company of the NYSE is reported to be working on a Bitcoin exchange, as is Börse Stuttgart, Germany’s second-largest stock exchange.
“Also, there is much more capital flowing into Bitcoin related startups than we have seen in recent years. This is part of a virtuous cycle which is attracting more and more technical talent into the space, and so the technological advances are happening at an increasing rate.”