Only two of the top five performers have closed in the green in the past seven days, which shows that the sentiment is currently negative.
Tom Jessop, the president of Fidelity Digital Assets, said that the absence of a long track record is one of the main reasons that is keeping the institutional investors at bay from investing in cryptocurrencies.
As the asset class is only 10 years old, Jessop said that the institutions question the durability and longevity and are unsure whether it would be around tomorrow. However, he said that these concerns are likely to be resolved with time.
Even among the investors, the perception has been that crypto investing is largely male-dominated. Nonetheless, a survey by Bitcoin (BTC) fund operator Grayscale has found that 43% of the investors who showed interest in Bitcoin were women. Interestingly, 47% of women believe this is the right time to buy Bitcoin, compared to 39% of men who share the same opinion.
Crypto market data weekly view. Source: Coin360
Ross Ulbricht, the founder of the infamous darknet marketplace Silk Road, expects the price of Bitcoin to surge to $100,000 in 2020. Ulbricht did not use the day-to-day price movements of Bitcoin for the forecast but relied on the analysis of the investor emotions and investor psychology to arrive at the target price.
With the year coming to an end, many analysts are likely to forecast sky-high prices. However, we suggest traders watch the price action and make informed decisions instead of getting carried away with the predictions.
The total crypto market capitalization has been trading around $200 billion since Nov. 22. This shows that both the bulls and the bears are in a state of equilibrium. On the downside, if the market cap slips below $180 billion, it will signal advantage bears. Whereas, a break above $212 billion will tilt the advantage in favor of the bulls.
Let’s see what do the…