Bitcoin has steadied at $6,500 while altcoins are making going green with gains. Meanwhile, Tim Draper, venture capital investor compared internet’s evolution to crypto market’s growth, predicting it to hit trillion dollar market cap. Also, recently CFTC chair shared regulators need to follow a similar approach as internet’s early days to cryptos.
Bitcoin & altcoins on a surge
Bitcoin is currently sitting at $6,538 in the green while moving in the range of $6,465 to $6,572. For the past three days, Bitcoin has been trading with gains. With a market cap of $112 billion, it is managing the daily trading volume of $3.5 billion. Meanwhile, BTC dominance is at 55.6%.
When it comes to altcoins, except for less than two-dozen of cryptocurrencies, all are in the green. Dogecoin (DOGE), Decred (DCR), Holo (HOT), and Monacoin (MONA) are a few of the ones losing by 1 to 2 percent today.
The top gainer of today is Tezos (XTZ) by 27 percent in anticipation of its upcoming mainnet launch on coming Monday. At 16th position, XTZ is trading at $1.63 with a market cap of over $1 billion.
Nano, Huobi Token (HT), Monero (XMR), Waltonchain (WTC), and Litecoin (LTC) are up between 5 to 13 percent.
Among the top cryptocurrencies, Monero is the highest gainer of over 8 percent and Litecoin by 7 percent.
With over 6 percent gains, Ethereum (ETH) is also maintaining good gains while being above $200 mark. EOS is rising about 3 percent while Cardano (ADA), and Tron (TRX) which are down over 93 percent since their all-time high (ATH) also managed to rise about 3 percent.
Tim Draper predicts trillion dollar market cap, CFTC chair calls for growth promoting regulation
Tim Draper, Billionaire venture capital investor this time predicted the crypto market to hit $80 trillion in the next 15 years. Comparing the internet evolution over the years with the crypto market’s adoption and growth, he stated:
“The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here (with cryptocurrency and blockchain).”
Just Yesterday, crypto-favourable J. Christopher Giancarlo, CFTC Chairman in the annual Singapore Summit, he shared as it happened in the early days of the Internet when the government did minimal interventions:
“I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.”
Previously, Draper had predicted Bitcoin price to hit $250,000 by 2022 as a few months back he further shared:
“Cryptocurrencies will eventually grow to maybe $100 trillion and fiat currencies will fall from $80 trillion to maybe down to $30 trillion because we don’t really want to use the currency that’s not as flexible or global or decentralized or secure as these new currencies are. And so people will move away from fiat currency.”
People, government, and organizations are slowly but surely trying to understand the crypto market and promote in its growth.
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com