Crypto Investor: Bitcoin (BTC) May Surpass Market Caps of Visa & Mastercard In 3 Years

Focus On Bitcoin, Not BTC

Since Bitcoin (BTC) burst onto the digital scene in 2009, the innovation, first headed by Satoshi Nakamoto, has been lauded as an optimized, decentralized version of Visa, Mastercard, and the like. And while the narrative has undoubtedly changed over the years, with the “BTC is digital gold” argument becoming a common sight, many believe that the world’s first blockchain network could still usurp centralized networks with ample research, development, and most importantly, time.

In a recent edition of Off The Chain, a crypto-centric newsletter and podcast run by Anthony Pompliano, the founder of Morgan Creek Digital Assets and an overt skeptic of banks, it was explaining that Bitcoin could begin to make a move on centralized payment ecosystems. Pompliano, who authored the piece, explained that a spotlight should be put on the blockchain itself, dubbed the “world’s most secure transaction settlement layer,” rather than just BTC itself.

And while Pomp made it clear that it is difficult, maybe impossible to value payment ecosystems, as the concept of network value is often abstract, not quantifiable, and still developing, the leading crypto investor did his best to draw attention to Bitcoin’s strong, but lesser-known fundamental measures.

Morgan Creek’s founder also quipped that he wouldn’t be surprised for BTC to start making a move on Visa and Mastercard. This move may only be accentuated as scaling solutions like the Lightning Network and other improvements go live and garner copious traction, while Bitcoin’s fundamentals continue to beat that of its altcoin counterparts.

Bitcoin’s Market Cap May Surpass Visa & Mastercard… Eventually

Citing recently-aggregated data from Diar, a leading crypto-friendly publication and research unit, Pomp noted that Bitcoin’s miners were “paid a total of $5.8 billion in revenue (fiat value of BTC produced) in 2018.” Although these aren’t exact numbers, especially considering the depreciation of BTC and other pertinent nuances or caveats, Pomp explained that this sum, the “top line revenue figure,” would help put Bitcoin’s status in the payment world “into context.”

The commentator, known for anti-bank, pro-crypto rhetoric and scalding comments on the establishment, subsequently compiled and visualized basic financial data from Visa, Mastercard, Square, Western Union, and two leading social media platforms to convey a point.

Pomp explained that from a revenue multiple (revenue to market capitalization ratio) point of view, Bitcoin is effectively more undervalued that both Visa and Mastercard — “the two transaction settlement networks that are most commonly compared to Bitcoin.” He noted that although BTC isn’t meant to be valued by revenue multiple, a measure often used in traditional markets, this gives context to the underlying blockchain’s performance and pseudo-inherent value.

And while BItcoin’s RM is expected to increase over 2019, due to suppressed prices, Pomp made it clear that such a move would be reasonable, “given the fast growth rate and historical premiums given to early companies/networks in an attempt to price in untapped potential.”

With all this in mind, he expressed that he wouldn’t be surprised if Bitcoin, currently 1/4th the market cap of Mastercard and 1/6th of Visa, begins to overtake the valuations given to traditional payment networks over the next three years. Ending his analysis piece on an optimistic note, Pomp wrote:

The legacy networks were built for a world that we no longer live in and the decentralized network is built for the future.

This recent quip comes just days after Pomp took to Ran NeuNer’s Crypto Trader to claim that he expects for BTC to range trade between $2,500 and $4,500 for much of 2019. However, like his Off The Chain post, he remained bullish on the network’s fundamentals, explaining that hashrate quadrupled (at 2018’s peak), while transaction count increased month-over-month from March until now. And, a collective $400 billion worth of value was settled on the Bitcoin network throughout 2018.


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Author: Nick Chong
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Monero (XMR) Price Analysis: Why Did Monero (XMR) Price Go Up and What is Going on With the Crypto Token?

Recent price movement on the charts show that Monero (XMR) spiked as trading picked a positive trend today. So why did Monero price go up? The majority of the top digital assets are also showing signs of initiating a recovery following the price dips in recent weeks. This recent trend in the charts have put Monero among the top gainers for the day and even the best performing token as well.



Monero (XMR) Price Today / USD

Crypto Currency Price 24H Changes
Bitcoin (BTC)
6652.54
5.22%
Monero (XMR)
141.511
10.13%

 

Why Did Monero Price Go Up?

Monero’s (XMR) price has scored 15 percent against the USD which is an 18 USD increase on its previous 109 USD low this past Sunday. But when we look at the slow recovery or even the uncertainty surrounding the token, it is safe to say this gain may be a temporary recovery and the coin could peak below the current price. Investors note that the token has managed to gain back the losses it suffered in recent days within only 24 hours. Even though it is still too early to determine whether the price will be sustained or not, it is good to see the XMR/USD pair trading in the green.

XMR will be included to mobile wallet Edge where users can buy, sell, send or hold coins. The fact that John McAfee has said via a tweet that an unhackable wallet which can support the XMR token with other cryptocurrencies will be introduced. Hence this announcement should be a major reason why Monero’s (XMR) “price went up.

Monero’s (XMR) Challenges

Monero (XMR) hasn’t had a smooth path since its launch in 2014. The privacy features of the token has been a major hindrance to the coin’s progress and has placed it in multiple controversies. Recall the time when the network was affected by mining malware and crypto jacking. The fact that regulatory authorities have turned their attention on privacy tokens means Monero (XMR) has had several run in’s with regulatory bodies. The token faces a possible crackdown in the form of additional regulation.

Concerns About Wallet Needs to Handled

The launch of Monero’s (XMR) wallet by the network left the crypto community thrilled. The security, privacy, and multiple language option made everything look great. But there are a few issues with GUI. Most users are worried that the wallet as user friendly as advertised.

The wallet is reportedly slow in synchronizing particularly for first time users which has caused anxiety and confuse among the community. Users are now suggesting that the wallet should be a plug-and-play option.



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Author Uma Johnson
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Stellar News Today: Stellar Upgrade May Incite Adoption And Increment In Price of the Stellar Lumens (XLM) Token

Last week, investors were quite displeased about the decline of the market. They were, however, expecting the market to recover when Japan announced that it is stiffening its noose of cryptocurrency regulations. The news has resulted in the further plummeting of the market as many institutional investors have suspended all plans to invest in the market. But the Stellar upgrade might just change all of that.



Stellar (XLM) Price Today / USD

Crypto Currency Price 24H Changes
Bitcoin (BTC)
5901.77
-3.21%
Stellar (XLM)
0.175962
-7.02%

For some time now, not much has been said about Stellar as many investors had lost hope on the coin after the January market crash. Surprisingly, Stellar revealed their plans to pump $500million into buying Chain. Apart from its plan to purchase Chain, there are many other impressive updates on Stellar that investors will be pleased to hear.

Stellar Upgrade To Address Poor Market Performance

Before January, Stellar (XLM) was doing just fine in the market as it was reported to have crossed the 15 billion market cap mark. However, the market plummeted early in the year, causing investors to pull out. The Stellar development team who are on a mission to revive the glory of the coin have promised that better days are ahead for investors.

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Stellar is soon to launch the USD Anchor Network which will enable XLM holders to interact with the USD directly.

The native Stellar exchange soon to be completed by the development team will make XLM one of the best in the market, increase pairings as well as the volumes to the market.

Reputable Institutions Show Support for Stellar (XLM)

The announcement by Stellar to purchase Chain indicates that they are ready to go mainstream. Chain has been in business for quite some time and is known for its prowess in blockchain technologies. No doubt, acquiring Chain would make the Stellar network stronger and bring about growth. Global brands like VISA, Citi Ventures and NASDAQ, have shown their support for the move by Stellar.



Stellar Upgrade Will Lead to an Upsurge In Price

After last week’s lacklustre market performance, many Altcoins dropped significantly in price. Stellar (XLM) seems to be bouncing back gradually.

Stellar (XLM) coin currently ranks Number 7 by market cap and has been trading $0.188052. However, if the Network succeeds in purchasing Chain, XLM will increase in value by the end of the year, and more meaningful gains will be realised.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Uma Johnson
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Cryptocurrency Market Gains $10 Billion; EOS Surges 16%, Bitcoin Price at $7,650

The cryptocurrency market has increased by around $10 billion over the past 24 hours, as major cryptocurrencies including Bitcoin, Ripple, EOS, Stellar, and Tron surged in the range of 2 to 16 percent. EOS was the strongest performer today, recording a gain of 16.24 percent subsequent to its mainnet launch.


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No Major Movement Over the Past 7 Days

Although it seems as if the market has recovered by large margins and bitcoin has rebounded from its previous dip, BTC has remained in the same region over the past seven days. Last week, on May 27, exactly seven days ago, the price of BTC was $7,560. As of June 2, the price of BTC remains just over $7,600, less than 1 percent higher than its position on May 27.

On May 27, analysts predicted a downward trajectory for BTC and a possible drop below the $7,000 mark. BTC did drop to $7,040, but recovered relatively quickly back to $7,500, as bulls refused to allow bitcoin to drop below a key resistance level at $7,000, which could have led BTC to enter the higher end of $5,000.

The descending trendline from May 6 to June 2, covering two corrective rallies on May 11 and May 21, demonstrate that BTC has the potential to regain momentum at its current level, establishing $7,040 as the bottom.

However, BTC has also replicated the head and shoulders top that was formed throughout May 15 to May 20, which ultimately led BTC to fall from $8,500 to $7,040.

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In order for BTC to initiate a short to mid-term rally in the upcoming days, similar to the corrective rally on April 11 that allowed BTC To rise from $6,950 to $8,000 within a one-hour period, BTC would need to experience a significant surge in volume, achieving $8,000 in the next 24 to 48 hours. If BTC fails to sustain momentum at its current level, it could drop back down to the $6,000 region and eye a potential movement to $5,000, as cryptocurrency researcher Willy Woo hinted previously.

“So in summary my best guess… slowish bleed down to $6800… then a steeper slide to $5700, then a levelling out of the drop… then a flat zone. This is an educated guess based on volume profile and fundamental data framing the rate of movement,” Woo said on May 25.

Performance of Tokens

Tokens such as Ontology, ICON, WanChain, Theta, and others recorded a surge in volume and price over past few days, benefiting from the short-term recovery of BTC. Because tokens tend to decline and increase in value with larger margins in comparison to BTC, tokens usually provide high-risk and high-return trading opportunities.

EOS recorded a 16 percent increase in price, as CCN reported, as traders and investors have started to anticipate the performance of EOS post-mainnet launch. Some analysts and traders have claimed that the performance of EOS is not organic and it will likely fall in value in the upcoming days.

Other tokens such as Tron have also experienced an increase in value due to their mainnet launches, but quite often, a price spike triggered by a certain event or a single factor is vulnerable to a short-term correction.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Joseph Young
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Trillion Dollar Crypto Market Is Coming Soon

Cryptocurrency has experienced something of a renaissance over the past month and the prospect of a trillion dollar crypto market seems to have been resurrected.

Having slid by over 50% between mid-February and all the way through March, the total cap for the cryptocurrency market has since begun to make up on its losses, recouping nearly $200bn in value since the start of April, according to CoinMarketCap.

Whilst still some way off hitting the highs reached in January, sustained recovery has led to a return of bullish sentiment within the cryptocurrency sector.

On Wednesday, the co-founder of Reddit, Alexis Ohanian said in an interview with Fortune that he believed Ether would reach $1,500 (he said $15,000 in the interview but later claimed he misspoke) and Bitcoin $20,000, at some point during 2018.

If true, this would take the market cap for Ethereum’s coin up to $148.8bn and Bitcoin back up to $340bn,  similar to where it was in mid-December.

Such a rise – if it were to happen – would take the total cap of the cryptocurrency market close to its record high of $830bn: and that’s if the other 1,500 coins didn’t budge in price.


The Booming Crypto Bulls

Such bullish sentiment raises the question on whether the cryptocurrency market could reach a value in the trillions of dollars in the next couple of years: so is it possible?

The idea is not new: Michael Novogratz mooted the possibility of a $5trn crypto market in a Bloomberg interview last year, and he isn’t alone.

The CEO of the deVere Group, Nigel Green has predicted that the price of Eth could hit $2,500 by the end of 2018, giving it a market cap of just shy of $250bn; IBM, one of the world’s largest tech companies, is banking on a $3.1trn market by 2030.

Of course, what people and institutions predict, and what actually materializes are often two very different things: just look at predictions for the Internet that were made in the mid-90s.(Both bullish and bearish.)

But is there any substance behind the desire for a trillion dollar crypto market of the type hoped for by Ohanian and Novogratz?

Well yes: it may help cryptocurrency projects make the case to mainstream society that the tech they offer has real-world applications and benefits.


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Ethereum and IOTA: Crypto Pin-Ups?

Take the manner in which the development team behind the Ethereum network have responded with solutions to problems with the project.

Issues with scalability, most notably demonstrated during the Crypto Kitties debacle back in December, have been met with proposals of sharding, essentially portioning data processing into smaller, manageable chunks.

Similarly, ERC20 tokens, which work off the Ethereum network as decentralised applications (dApps) have also had some good news over the past couple of weeks.

Kyber Network, which plans to be the first fully decentralised exchange, announced on Monday the launch of an ICO-participation platform; ICON (ICX) unveiled its blockchain incubator programme and VeChain, a logistics and the supply-based token has secured partnerships with major global suppliers, including BMW.

All this positive news, which effectively highlights a strong and serious use case for the Ethereum network has meant the price of Ethereum has risen by $200 in the past two weeks, which even the BatchOverflow bug scare failed to inhibit.

Ethereum isn’t alone either.  Since the start of the week, the IOTA Foundation has unveiled an ecosystem platform that will greater facilitate collaboration and co-development and gave a sneak preview into ‘Qubic’, which appears to add smart contract capability to the IOTA network, or ‘Tangle’.

This has equally been met with a strong performance over the last couple of days, which has taken the market cap up by 30% to $2bn.


Demand Can Fuel the Trillion Dollar Crypto Market

Like any other good or commodity, a rise in value is nearly always attributed to increasing demand relative to supply: the more of commodity ‘x’ is being sought after and purchased, the likelier the chances that suppliers will sell the commodity for a higher price.

This trend, fundamental to economics, has underpinned price rises in goods such as tulips and gold, and even the meteoritic price rises that took Bitcoin from just under $1,000 at the beginning of 2017 to $20,000 by December.

Of course bubbles are a very real threat, and as LitePay illustrated back in March, too much hype surrounding a project, even when endorsed by supposedly reputable figures, can end in tears.

However, as cryptocurrency projects like Ethereum and IOTA move away from the whitepaper phase to implementation and adoption, so can their price also be expected to rise, because as they gain utility, they also gain value.


Whether the crypto-market could grow into the many trillions of dollars is still uncertain: for the cryptocurrency market to reach $5trn – as predicted by Novogratz – it would need to experience a near 1030% increase in its market cap from its current valuation of $452bn.

For perspective, in the time period between April 2013 and today, the cryptocurrency market has risen by nearly 30,000%.

Although it’s a fallacy to assume history will repeat itself; in the words of Mark Twain, it has been known to rhyme.


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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Paddy Baker