Thomas Power, the board member of 9 spokes had harsh predictions to make about the market capitalization. Recently talking to BlockPublisher, he said that he was a bear for everything and was expecting a fall in every currency’s valuation across the board.
The market capitalization hasn’t made significant progress for a long time now. For more than 2 months, the overall market capitalization has been stuck at around $220 billion. The currencies aren’t showing any signs of promising growth for quite a while now. BTC which hit $6,800 previously, is back at $6,618, while the hot market favorite XRP, which hit the valuation of $0.57, has plunged again and is being traded at $0.47 as of press time.
The overall market, as of today has shown major signs of red with plunges in most of the currencies,
BTC has been substantially poor when it comes to growth factors, it has been behaving like more of a stable coin in the recent times sticking to the valuation of $6,600 and revolving around it.
The high performing XRP and BCH which were on bullish runs a while back regardless of the market surges and plunges, have also failed to maintain their momentum and have depreciated significantly.
The market analyst, Thomas Power, however, said that the plunge of XRP’s capital was barely a plunge at all as he anticipated that it would plunge down to $10 billion, far below ETH. Further explaining his stance about the overall market, Thomas Power told BlockPublisher,
Expecting 50% fall across the board and shorting of all of it.
He also gave his prediction of individual currencies saying that BTC would fall to $3,000, while ETH and XRP would be going down to $100 and $0.25 respectively. The point about BTC shortage was also raised by Anthony Pompliano previously when he tweeted,
There will only be 21 million Bitcoin. At some point scarcity takes over.
Although the point raised my Pompliano seemed to make sense but there was a wave of BTC enthusiasts who went angry on the statement. Jameson Lopp, talking to BlockPublisher, shared his views saying,
Owning a whole bitcoin is just a red herring because each bitcoin is subdivisible into 100,000,000 satoshis. But the unit bias is a real psychological phenomenon…