Another week, another round of Crypto Tidbits.
It’s been another boring week for the Bitcoin market. For all of the past seven days, the leading cryptocurrency has traded within 3% of $9,100, trading both above and below that level.
Volatility indicators have continued to drop as a result of the consolidation, reaching crucial levels. Analysts expect this consolidation to break within the next few days and weeks as other markets, namely the S&P 500, establishes a trend as well.
Chart of Bitcoin's price over the past 10 days from TradingView.com
Mike McGlone, a senior commodity analyst at Bloomberg, is bullish despite the lack of movement in crypto markets.
McGlone released Bloomberg’s July Crypto Outlook on the 2nd, in which he conveyed a bullish tone.
Although he didn’t give an exact price prediction, he suggested that Bitcoin may gravitate towards $12,000-12,750 in the coming weeks and months:
“The number of active Bitcoin addresses used, a key signal of the 2018 price decline and 2019 recovery, suggests a value closer to $12,000, based on historical patterns. Reflecting greater adoption, the 30-day average of unique addresses from Coinmetrics has breached last year’s peak… Unless advancing addresses abruptly reverse, history suggests Bitcoin may gravitate toward that level,” McGlone wrote in reference to the crucial $12,734 level.
Bitcoin aside, a number of altcoins saw really strong performances over the past week. Cardano, Vechain, Tron, Stellar Lumens, Synthetix, Kyber Network, and Chainlink are amongst the cryptocurrencies that have done well, benefiting from fundamental trends.
For instance, Synthetix, Kyber Network, and Chainlink have all benefited from growth in the decentralized finance (DeFi) sector. Their respective products are being used more and more as this segment of the cryptocurrency market has seen increased adoption.
Bitcoin & Crypto Tidbits
- Cardano Launches “Shelley” Upgrade at Long Last: At long last, the Cardano blockchain is finally starting to make the formal transition to its “Shelley” era. The upgrade will make ADA and its underlying blockchain much more decentralized and usable than its previous iteration. This week, the development teams behind Shelley revealed code for the upgrade but asserted that a full transition won’t take place until the end of July.
- Tesla CEO Elon Musk Comments on Ethereum: On July 2nd, Tesla’s CEO Elon Musk talked about cryptocurrency. This time, he discussed his involvement (or lack thereof) with Ethereum: “I’m not building anything on ETH. Not for or against it, just don’t use it or own any.”
- Ethereum 2.0 Gains the Support of Bison Trails: Bison Trails, a Libra Association partner, announced last week that it will be supporting the Ethereum 2.0 upgrade. The announcement from the company indicates that the firm will be offering a “suite of enterprise projects” related to this upgrade. These products will “make it easy to interact with the Beacon Chain, stake ETH, and automatically manage validators, validator clients, and beacon nodes.”
- Prominent Investor Bashes 99% of Crypto Projects: Jason Calacanis is a prominent entrepreneur, author, and angel investor. He is especially known for his angel investments in Robinhood, Uber, and Trello. While he recently revealed he is finally starting to become bullish on Bitcoin, he is bearish on most crypto projects:
“Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters… the 1% that are not, could change the world. I’m waiting for that 1% to deliver their product so I can talk to their customers.”
- Nexo Co-Founder Antoni Trenchev Thinks Bitcoin Will Hit $50,000: Nexo co-founder Antoni Trenchev said months ago that Bitcoin is on track to hit $50,000 in 2020. Even after March’s correction and the recent price action, he remains optimistic. Speaking at the Blockdown digital conference, Trenchev said that he still thinks BTC will hit $50,000 this year. Referencing BTC’s 21 million coin supply cap, the crypto executive said:
“You can’t have the President of the United States tweeting out that the money supply, the total number of Bitcoin should be expanded from 21 million. You just can have that. Bitcoin is this perfect structure, which has all the right principles. And those once formulated, stipulated, put into code, they remain unchanged of any human intervention. So yes, I’m sticking to my prediction of 50K until the end of the year.”
- Tether’s Market Cap Hits $10 Billion: According to Messari analyst Ryan Watkins, the market capitalization of Tether’s USDT passed 10 billion on June 30th. This makes it the third cryptocurrency in the 10-figure range. With one USDT worth $1, the stablecoin’s market capitalization is now in excess of $10 billion.
Featured Image from Shutterstock Price tags: Charts from TradingView.com Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum