Firstly, NYC Consensus is the consensus that is held in New York City. It is one of the biggest, if not the biggest crypto event. A lot of partnerships will be made on that event.
But, why it should be bullish sign?
First of all, I am not sharing any FUD or FOMO but just trying to explain you as much as I can so you can make your own opinion.
So, it is an event where we can expect a lot of partnerships to be made! Ok, what's the next? What will happen after this consensus? That's the most important question! The media is going to determine is this going to be bullish sign or not!
If they start posting " This coin made partnership with this giant company " or news like this, it is going to pump crypto market. But what if they be quite and don't post anything? We are in very manipulative market so think twice before any decision!
Why we didn't get any hype before event in Dubai that was few weeks ago? To be honest, Dubai is also one of the most influential city in the world. There is a lot of money there, A LOT OF MONEY! But, we didn't see big hype around that event! What about other events?
Some self-proclaimed experts will say " Ohh well check 2017 and see what happened after NYC Consensus ". Listen, 2017 did happen once and it will never happen again. Crypto market made from $10 billion to almost $1 trillion ( $838 billion to be precise ). Gain of 80x for market like this will never happen again in future!
I said in February, I said in March, I am saying in May, 2018 is year of development updates. Year that will prepare crypto for mainstream adoption! Year that will prepare crypto for new all time highs but these highs won't happen in 2018 but mostly in 2019 or 2020. My personal opinion that 2019 has great chances to be close to 2017 but never like 2017! When I say this, I mean 100x won't be made but what about 10x? It will bring us to $4-5 trillion!!? It is more than enough. In 5 years we will sit at $10 trillion at least!
To conclude this educational post, I will explain you what is the market? Or better to ask you what is the market cap? Current market cap is $405 billion. Do you really believe that there is $405 billion in crypto?
No, the answer is no! There is no $405 billion in crypto but less! Why?
I will give you an example that will prove you everything!
I launch my own coin that has 1 trillion coins in total supply and I unlock all of them so circulating supply is equal to total supply. I pay few BTC to some exchange to list my coin. I didn't go through ICO so all coins are in my wallet. I put sell order at $1 and I tell my friend to buy at that price! Just one coin. Question for you? What will be the price on market cap? Price will be $1. What will be the market cap for this coin? The market cap will be price*ciruclating supply = $1 trillion. Do I have $1 trillion in this coin? Absolutelly not! But I have coins with estimated value of $1 trillion but if I start selling them someone will buy 1 coin for $0.0000001 and I will be holding coins that are worth few bucks! I hope you got the point!
The price doesn't represent the value of coin but it is showing just the last price that was offered by buyer! So, 1 buyer can change price let's say 1 cent. If coin has supply of 1 trillion, it means that 1 buyer can change market cap for $10 billion?!? Tell me if that is real?