I posted an article a few days ago discussing market research that is suggesting a market boom for crypto in the year 2023. I wanted to do a follow up with another news article about the current "boom" in altcoins.

stack of bitcoins stand on top of U.S. dollar bills. (Photographer: Chris Ratcliffe/Bloomberg)

I have taken the liberty to read through the article to pull out the important pieces for my followers!

So here is a quick run down of what you need to know!

Past Predictions

"Where’s the cryptocurrency market heading? Well, a prediction made in January over a boom in market capitalization of cryptocurrencies - and particularly in the altcoin market - by the founder of a crypto-market intelligence start-up that raised over 10,000 Ethereum (ETH) in a pre-sale financing round, has fully come to pass."

"Maksim Balashevich, the Belarusian CEO and founder of Santiment based in Germany, which collects and sells live markets data feeds to crypto traders, predicted such a boom in altcoin cryptocurrency capitalization last quarter on January 5, 2017."

Bitcoin controls 70% of the crypto market cap

"prediction posited that the cryptocurrency altcoin markets would increase to over $6 billion (bn) in market capitalization."

"This has already come true and gone a fair way beyond."

"combined altcoin market cap today stands in excess of $8.4bn."

Using Elliot Wave Theory Balashevich predicted the boom in January and predicts the trend will continue.

“The altcoin market is entering the ‘third of a third’ wave in the Elliott Waves theory."

“Following the recent rise in bitcoin, we believe the altcoin market is set to experience a similar bull market over the course of the next six to twelve months as cryptocurrency investment enters the mainstream conscious”

What is driving the altcoin boom?

The article mainly points to three drivers of price.

First, is the recent performance of Ethereum, the second largest crypto by market cap, with the price holding in the high $40s and peaking at $53.

Second are smart contracts and anonymity.

"predicts that areas focused on smart contracts and anonymity are set to benefit most from the next wave of investment in the cryptocurrency sector."

“Smart contracts could potentially have the greatest effect on the way we use the internet in the not-so-distant future,”

Lastly, crowd consensus. There seems to be a collective realization in the crypto trading space, that altcoins are in a bull market.

The bull market trend appears to be poised to continue.

Interesting to note that STEEM is at .25 as I write this article a 16% increase in price.

Check out my other article on the "crypto boom" here

I encourage you to read the original article this post is based on if you want to learn more, the link is below.

(This post is not financial advice)

Source

Cryptocurrency Boom Predicted By Bitcoin Market Data CEO Confirmed, Trend 'Set To Continue'

https://www.forbes.com/sites/rogeraitken/2017/04/12/cryptocurrency-boom-predicted-by-bitcoin-market-data-ceo-confirmed-trend-set-to-continue/#ad4180d33fa1

Roger Aitken

APR 12, 2017 @ 09:12 PM

Cryptocurrency Boom Confirmed:Trend 'Set To Continue'