Another day in crypto; another day of red all across coinmarketcap. Blockfolio — disappointment. Twitter is filled with FUD, negativity and some of the last cryptocurrency ads which shall soon disappear. What also disappearing is last hope of those who entered crypto at values higher than current. Investors who entered at the end of 2017 with dreams of Lambo just in time for the summer of 2018.
I personally entered crypto space in the first half of 2017 and kept investing till I completely emptied my E-trade portfolio as well as bank account. Yes, I am 100% invested into crypto and have no regret of taking such a risk. I have confidence in blockchain technology and its future mass adoption.
My strategy from the very beginning was to hold and I have been true to it. Do I get emotional, concerned and frustrated with crashes and slaughter we are experiencing? Absolutely. I even catch thoughts of cashing out, but NO, I take a beating and stand my ground every time.
No one knows where the bottom really is. Not I, not you, not the guy/gal who appears to be the brightest bulb in the chandelier. The real factor here is supply and demand. It is what got us where we are today and it is what will determine where we are going from here.
Even though a dream of Lambo seem to be getting further and further away, most of us are very well aware of how quickly crypto market can take a turn and achieve new highs. This turn is what this article is about.
On more than a few occasions over the past two weeks I saw a few comments/tweets about $5 trillion dollars of institutional money entering crypto. Given current market conditions and trend, any possibility of $5+ trillion market cap sounded absorb; however, when it comes to crypto, absurd is nothing out of ordinary. Therefore; for the lack of other excitement, I started to do some research and came across a registration on Coindesk.com for their 4th annual event: Consensus 2018 which will take place in New York on May 14–16.
“Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy.”
Quoted paragraph above taken from Coindesk.com briefly informs what the event is about. There was also a table of attendance.
Now, keep in mind, the ticket prices to this event range from $999 for a student to $2,499 for an enterprise (per person). Simply put, this is not an event to attend if you are just looking to mingle and get some free merchandise.
Back to attendance table… an increase in attendance from 2017 to 2018 did not surprise me at all. After all, we did have an exciting 2017 and as a result crypto/blockchain awareness is at the highest is has ever been.
What was more exciting is market response leading, during and following 2017 event.
Consensus 2017 was held on May 22–24. I looked at historical charts and this event appears to be responsible for the beginning of the exponential growth for the rest of 2017.
It is important to note: price growth started in the beginning of April 2017 and continued all the way until the event, following by a corrective dip right after.
April 1, 2017, price of BTC = $1,068 May 25, 2017 price of BTC = $2,728
I agree, past event is not a representation of what is to happen this time around. Perhaps, we will continue to drop to $1,000/BTC, or maybe Consensus 2018 is an event that will change crypto market to the level we can’t imagine? Only time will tell.
In my opinion, current market is being manipulated to keep the price down as we approach this major event. Why? So institutional money can get in at the lowest price they can manage to achieve. I am extremely curious to see if we will see similar gradual rise over the months of April and May leading up to the event.
I will continue to hold and maintain all my positions.
I do not expect to see $5 trillion MC in May or 2018 for that matter, but I have been wrong before.
At the time of this writing price of BTC = $7,083. BTC market cap is $120,059,620,216 ($120 billion)
Forget $5 trillion… forget 1 trillion …just an additional $240 billion added to BTC market cap would set a new all time high of $21,000 per BTC.
Now imagine $5 trillion with BTC dominance of 50%. That is BTC market cap of $2.5 trillion. YOU DO THE MATH.
In conclusion: This article turned out a bit unorganized. Head is full of thoughts and ideas, but it is not always so simple to convey them onto paper.
Link to Consensus 2018 event with all the detail. Note all the sponsors.
https://www.coindesk.com/events/consensus-2018/
Come what may - best wishes,
ViktorCrypto