April 22, 2021

A Crypto Investor

Just another Crypto Guys Blog

Price analysis 11/9: BTC, ETH, XRP, BCH, LINK, BNB, LTC, DOT, ADA, BSV

Professional traders are often perceived to be the smartest, as they weigh the risks before investing in an asset class. Opposite to that, most retail traders only keep an eye on the possible profits and disregard the risk before investing.

Therefore, the increase in the number of Bitcoin (BTC) addresses holding more than 100 Bitcoin to a seven-month high, at 16,271, could be considered as a bullish sign. Furthermore, the low search volume for the keyword “Bitcoin” suggests that the current rally lacks the frenzied retail buying seen during the previous bull market in 2017.

Daily cryptocurrency market performance. Source: Coin360

PlanB, the creator of the stock-to-flow model, has maintained his bullish stance on Bitcoin, as he expects the price to at least rally to $100,000 by December 2021. If that happens, Bitcoin would command a market capitalization of about $2 trillion.

While crypto analysts are voicing bullish forecasts for Bitcoin, noted economist and Bitcoin skeptic Nouriel Roubini remains bearish, as he anticipates central bank digital currencies to start a big revolution in about three years. Thereafter, “Not only you don’t need crypto, you don’t even need Venmo,” said Roubini in a recent interview.

In other news, U.S. equity markets surged higher on the positive news that Pfizer is recording success in its COVID-19 vaccine trials. As the news broke, gold and Bitcoin prices corrected sharply, but it appears that crypto investors are viewing the dips as buying opportunities.

Let’s take a look at the top crypto assets to see how they are performing today.