Last week, CCN reported a stunning statistic in which they have revealed that Bitcoin and Ethereum have helped to lead the cryptocurrency markets up beyond $450Billion, kickstarting rumours that suggest by the middle of May, the markets could reach $500Billion, or, Half a Trillion.
According to CCN:
“The rapid increase in the price of Ether is said to have been fueled by the analysis of respected experts and analysts who have emphasized that Ether is not a security under the laws of the US Securities and Exchange Commission (SEC).”
“Over the past two weeks, bitcoin has continued to demonstrate a consistent increase in value, experiencing minor drops and corrections along the way. Its Relative Strength Index (RSI) and Williams’ Percent Range (WPR) are in the neutral zone, which places bitcoin in an ideal position to record strong gains in the short-term.”
“With the market nearly up two-fold since early April, analysts have already started to conclude that the cryptocurrency market has entered a bull market and have predicted the value of most cryptocurrencies to increase, especially major cryptocurrencies such as bitcoin and Ethereum.”
See the full article for yourself, here- https://www.ccn.com/bitcoin-and-ethereum-continue-to-lead-crypto-market-to-500-billion-region/
Why is this important?
Well the overall value of the markets directly correlates with the value of the assets within the markets, meaning that therefore when the value of the markets is high you can deduce that the value of the assets within it are high. Therefore, overall you can assume that the climate is healthy.
In such a case, the markets can be viewed as optimistic which tends to have an impact on other factors, such as news stories and public opinion. When the markets are high, and values look good, public opinion changes and of course, more and more people start to show an interest in currencies and trading, which in turn means more investment will eventually roll in.
This does some great things for cryptocurrency adoption in turn, as public opinion improves, wider areas of society will gain an education into cryptocurrency, once society starts talking about it, big boards and large-scale authorities have to start considering it. Leading to, eventual adoption.
This is at least a very optimistic take on why we should be positive about cryptocurrency adoption at the moment. The mainstream currencies like Bitcoin and Ethereum are hitting the headlines for all the right reasons, in doing so, a beautiful upwards path is carved out for the rest of the markets, a path that perhaps one day, will lead to worldwide domination.
Wait, not domination, I mean adoption!