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The market data is provided by the HitBTC[1] exchange.
Dan Morehead, CEO of cryptocurrency hedge fund Pantera Capital believes that the total cryptocurrency market capitalization can reach $40 trillion[2] in about a decade. The current market cap is at $421[3] billion.
Morehead reiterated his bullish call on Bitcoin, calling it a ‘screaming buy’ at the current levels.
A similar opinion was voiced by John Pfeffer, a partner at UK-based Pfeffer Capital who recommended Bitcoin as a great investment opportunity at the Sohn investment conference in New York. According to him, Bitcoin could replace gold or become the new reserve currency of the world. This can result in its price skyrocketing to $700,000[4].
On the other end of the spectrum is the former head[5] of Paypal, Bill Harris, who believes that Bitcoin is a fraud and should not be worth billions.
The bear market in cryptocurrencies has affected its trading volume. The average daily traded volumes have plunged from a high of $17 billion[6] in December to a low of $7.4 billion in the first half of April.
This shows that the market participants have been hurt by the sharp decline in prices and many are yet to return to trading. Nevertheless, there is a hope that the entry of institutional players will make up for the loss in retail trading volume.
BTC/USD
After breaking below the trendline, Bitcoin[7] found buying support at the 20-day EMA. If the bounce breaks
