Coinmarket forecast post China ICO Ban
After the China announcement on ICO ban, Bitcoin along with few other leading alt-coins dropped in value. That’s made the overall market cap of coins down to 150B$. After a bit of recovery in price, Bitcoin is currently trading at 4548$ and Marketcap is 160B$. Now there’s a lot of speculation among the media, with some people going to the extent of saying that this could be the end of Cryptocurrency.
It would be hard to deny that the ICO ban has impacted the value of cryptocurrency and it has mainly affected day trading and short term trading pretty badly. However, to go as far as saying that this is the beginning of the end of Crypto is a stretch. So we did some market analysis and to alleviate some of your fears, we’ve put out some excerpts from the research as a forecast for the month.
Here is what we can expect in coming days of this month.
- Bitcoin price will stabilize at around 3900-4200$
- Coin market cap will settle at 160-170B$
- Altcoins will start growing, expect them to grow on average 20-30% from its current value.
- Ethereum will be strong by end of this month, October will witness the growth of ethereum.
- Growth of NEO will be slower and its price will be settled around 25$ by end of the month.
- Kin and Kyber ico will emerge as biggest ICO of this month.
- Altcoins which have upcoming announcements will witness good growth in value.
- Omisego will be in Top 10 coin list in coming days.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.