Cryptocurrency in general has been the symbol of volatility since its advent, but for over a month now, the market capitalization has decided to maintain a stable level at around $210 billion. The currencies aren’t seeing much of surges and plunges which might actually be a good sign for the investors, institutions, and for the ETF approval. More stablecoins have driven into the market also helping with the stability by maintaining their pegs. The info-graphics of Coin360.io show the unusual stability of ETH, EOS and BTC, which are of course the leading currencies in terms of dominance factors, volumes and market cap.
BTC has also successfully maintained its valuation, floating at about $6,400 or quite a while with little spikes here and there. Anthony Pompliano also vouched for the stability in his tweet stating,
Bitcoin has been less volatile than NASDAQ, DOW and S&P 500 over the past month.
The market analyst from eToro, Mati Greenspan also agreed to the fact that the market has been stable for the past month, talking to BlockPublisher saying,
It’s been pleasantly stable these last few months.
The regulatory body SEC had been quite skeptical with the ETF approval because of the manipulations and fraudulent activities in the crypto space. The elimination of volatility signals that such activities are exiting the crypto space giving the approval of ETF a better chance. This might actually be a great chance for the cryptos to gain trust from the institutions. The crypto enthusiast Thomas Power predicted that the SEC would give BTC a better brand image by provision of ETF by 2019 and the market capitalization would be going on a bullish run. Although he said that crypto might se a fall till then but once it goes on a bullish run, it would boom to unrealistic levels. Talking to BlockPublisher, giving his predictions he said,
… on course then for $100,000 in 2023, $500,000 in 2025 and $1m in 2038.
It is hoped that these predictions come true for the investors and institutions to dive into the space and remove the skeptical-ism surrounding it.