Quick Crypto Market cap
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People purchase bitcoins for all different reasons. They range from those seeking to invest in safe haven assets in the face of political uncertainty, speculators wanting to go along for the exitinh ride of what some regard to be an asset bubble, to individuals who might want to purchase illegal things anonymously on the dark web.
People are investing, I think sometimes foolishly without knowing what they are buying. In a way they are hoping for easy and fast economic profits they are possibly not going to get.
during this weeks trading there was a tatal of $63.6bn traded according to online data service CoinMarketCap, which represented a weekly, monthly and quarterly increase of roughly 18%, 115% and 220%, respectively.
The growing interest in the space is also being felt at all major Crypto Exchanges as there has been a rise in business activity.
As for where cryptocurrency prices (and therefore total market cap) will go next, analysts offered mixed views. While the total value (and number) of assets in this space has surged in recent months, it is difficult to tell how much further they can climb without developing compelling value propositions.
Jacob Eliosoff, a cryptocurrency fund manager, offered a more cautious stance, telling CoinDesk that the market was quote "reaching the frenzy point". He expressed his doubts as to how much longer these values would hold, noting that while nobody knows for sure when a bubble will pop, there are always warning signs.
Picture sourced from Google images
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Everything in life is relative... There is no way to call the cryptosphere a bubble in comparison to the greatest bubble of all time; the FIAT ponzi bubble. You have somewhere around $1quadrillion in fiat and deriviatives (stocks/bonds/treasuries/etc) backed by NOTHING but debt and corrupt, bankrupt governments. THAT'S a bubble, my friend. $70bil in cryptos is just the beginning $700billion will be just warming up, we are headed to $7trillion which is 100x gain from here. Buckle up.
The derivative markets alone are inflated 100s of times beyond any reasonable measure, fiat currencies are what we all work for - but it doesn't work for us. We work too hard for paper that gets debased, so I believe many are seeing that holding 'fiat' long term is no way to "save" for the future. The hidden tax, inflation, is stealing wealth that Wall Street only wishes they could extract in that capacity. Glad I stumbled in, found this very insightful @crypto-expo and I can appreciate your insight @cryptosphere. Earned a follower. 😎🤘🏻
I agree with you 100% cryptosphere, that is why I am buying more Crypto 🙌. You are wise my friend 🙏. 😎