The cryptocurrency sector has been booming since the beginning of the year, with bitcoin (BTC) reaching an all-time high of US$73,500 last month. This major digital asset is now trading at over US$72,000, bringing the global cryptocurrency market capitalization to US$2.8 trillion (according to CoinGecko).
Many industry insiders believe that the bull market is just beginning and predict a new peak in the near future. One example is Brad Garlinghouse, CEO of #Ripple .
He expects the entire #cryptocurrency market to double in value this year, thanks to major events like the first U. S. spot #BTC ETF and the inevitable halving of bitcoin's value.
I have been in this industry for a long time and have seen these trends change. I am very optimistic. I think macro trends, large-scale things like ETFs, have led to real institutional money for the first time," the Ripple boss said.
By the end of next week, the value of BTC is set to halve. This event will reduce the rewards paid to miners for confirming new blocks on the blockchain, thereby reducing the rate at which new coins are created. The combination of limited supply and increasing (or at least not decreasing) demand leads (according to basic economics) to higher prices.
Demand rises at the same time demand increases and supply decreases. You don't need to be an expert in economics to understand what happens when supply decreases and demand increases," says Garlinghouse.
Historically, after every half-decline (an event that occurs about every four years), there has been a massive bull market in #bitcoin and cryptocurrencies. However, the upcoming half-decade is a bit different from the previous one: the rebound will begin a few months before the expected reduction in miners' remuneration.
This suggests that the market could rise even more significantly in the coming months. To learn more about this highly anticipated event, check out the dedicated video below:
While most major cryptocurrencies have seen impressive growth recently, Ripple's XRP doesn't seem to have caught up with them yet. It is currently priced at $0.60, marking a 2% decrease from the previous month.
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