The past week has been a snail crawl in terms of crypto prices. Nothing really moved until yesterday when Tron [TRX] showed signs of life with a quick bounce. It has been climbing ever since and has is currently trading at $0.082 to a token with a huge 18% jump in the past 24 hours.
The past hour has been huge as well with a 3% jump in prices in a move that could topple even Stellar Lumens [XLM] for Tron to take the 8th position.
A sudden spurt of action was witnessed at 15:51 UTC when the market all across the board jumped by ~4-5% with heavy trading volumes across multiple exchanges.
The Sentiment Analysis segment is the aggregation of sentiments from across the market which includes investors, traders, miners, journalists and skeptics alike. These people were interviewed for coin specific opinionated comments and the hand-picked quotes which are written below are either extreme in emotion or inculcate strong data points which might be relevant.
Yesterday at 15:48 UTC, Bitcoin was still trading at $8354 to a token. Within a matter of minutes, there was a huge spike across the tokens and BTC jumped from $8354 to $8549 in a matter of 16 minutes. This jump also triggered a mega bull run for Tron, Bytom, and Ontology who are currently at press time witnessing an 18%, 19% and 12% respectively.
Tariq Khan, a Bitcoin miner with a 1000 TH/s portfolio says,
“People are so emotionally vested, they can’t think straight. A few days ago we almost hit $10K and everyone was jumping as if we crossed $20K, last week we went down to 8000 and people started crying as if we hit $2000 again. I expect sideways trading for some more time. The massive bull run like we experienced in Nov and Dec last year would require a massive buying pressure.”
Paulie Faber, a cryptocurrency trader from 2012 says,
“No more Bitcoin wizards? Where are the psychics’ homies? Media is all about technical analysis which doesn’t tell you shit. I’ve literally gone through thousands of youtube videos with most of them predicting a break above $13K after the recent 9900 price. I have lost faith in Bitcoin honestly. I would consider BTC a more stable currency. Invest in smaller or recent projects which might give you more returns. Expecting BTC to be undramatic for the next couple of weeks”
Christian Bino, a developer currently working out of Seoul says,
“Look for the technology. If they have a strong team, strong Github updates, strong philosophy and vision then you can be sure that these projects will definitely go 3x or 4x given the adoption. Bitcoin is king and undoubtedly will remain king for some more time. I suggest everyone to use BTC as a base currency to trade everything else. Even if you are a miner, honestly you won’t be making profits till BTC heads above $15K.”
To conclude, a mere 56% of the BTC respondents were optimistic about any positive price action for Bitcoin. They believe Bitcoin could go back to $10K or above within the next month. The other 44% believe Bitcoin isn’t heading anywhere and although long-term Bitcoin might go back and beyond $20K, the short-term trading will be sideways.
Ethereum [ETH] was trading at $717 to a token with a market cap of $71 billion and comfortably still holding its 2nd position in terms of market cap. ETH saw a minor 1.52% gain in the past 24 hours a slightly lesser gain than other cryptos in comparison.
Marlon Taylor, a developer who uses ETH to accept payments says,
“My business runs on ETH, we have clients who only pay in ETH. Crypto businesses around the world favor Ethereum to Bitcoin because of its confirmation times and ease. The sudden drop last month came as a shock but right now we are back at a comfortable 700 range. Don’t expect ETH to be a crazy return coin, this is the mothership. It’s stable and reliable. Would still expect it to break $1000 soon.”
Luke Roger, a fraud analyst at BNY says,
“Ethereum will lose popularity soon. The only reason it survived is because of ICOs. We will soon see a new era with EOS which has a 2-second finality and capability of thousands of more transactions per second. Once the bull run resumes, ETH could break the recent highs again. In the short term, a break above 800 dollars is possible.”
To conclude, 66% of the Ethereum respondents said they don’t consider ETH as a viable trading option anymore as they feel as days go by it would become less volatile leading to lesser returns. The other 34% felt that Ethereum is still waiting for a bull run confirmation and it could break $1200 again very soon.