Bitcoin is maintaining stability with slight movement around $6,600. However, deVere CEO believes an upswing is coming as FOMO will drive the Bitcoin and crypto price higher by this year-end.
Bitcoin today: Moves between 6,555 and 6,660 range
The world’s leading cryptocurrency is moving but at a much slower speed. At the time of writing, Bitcoin has been sitting at $6,593 while being slightly in the red. According to the Tradingview data, today’s price range of Bitcoin has been between $6,555 and $6,660 which says a lot about its volatility on a given day.
With a market cap of $114 million, Bitcoin has been managing the 24-hour trading volume of about $4 billion which has taken a drop. Moreover, BTC dominance has also fallen down to 51.3% which has reached over 58% in mid-September. However, since then, it is more or less on a constant drop down.
Bitcoin & crypto on the verge of a true global breakout
At the moment Bitcoin prices might be inactive but according to Nigel Green, the CEO of deVere Group, an independent financial advisory organization, Fear of Missing Out (FOMO) will drive the price higher, not only of Bitcoin but other cryptos as well.
Recently Greene predicted XRP to hit $1 this year and now shares his bullish views of Bitcoin & cryptos:
“Bitcoin and other cryptocurrencies are, I believe, on the verge of a true global breakout. This is largely due to FOMO – the Fear Of Missing Out.”
As for the adoption and institutional interest, he stated:
“Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too. I feel that there’s a growing sense amongst institutions that unless they embrace this sector, their competitors could move way out in front and they might find it difficult to catch up. This is especially true as the public – their customers – are increasingly eager to explore the opportunities themselves.”
He also shared that it is not known if the price would hit the high like at the end of last year but an upswing is near:
“I’m not sure we’ll see the stratospheric rise in cryptocurrency prices that we experienced at the end of 2017. However, with growing acceptance that they are indeed the future of money, I believe that the environment is now right for an upswing before year-end.”
Green will also be part of the upcoming DELTA Summit, Malta on October 3 to 5, whose Prime Minister Dr. Joseph Muscat recently in his speech to UN, stated cryptos to be the “inevitable future of money.” On Malta’s progressive approach towards crypto, he shared:
“I have long shared the view stated by Prime Minister Muscat at the UN General Assembly over the weekend that cryptocurrencies are the ‘inevitable future of money,’ and I welcome his public championing of this increasingly vital sector. It promises to be a landmark event that not only celebrates and galvanises Malta’s position as a pioneering blockchain and cryptocurrency country, but one that celebrates the sector itself.”
Investors, experts, and industry participants all are feeling bullish right now, however, it is to be seen if the bull rally will get into action just like the last time.
Do you think this year-end will see bitcoin and cryptos hit the highs?
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.