The cryptocurrency industry has been having difficulty for a while now. Everyone was expecting BTC to recover from the January market crash it suffered and take the entire market along. Unfortunately, in an unexpected turn of events, BTC fell even more significantly against the USD. Many short-term investors sold out and left the market. However, there are still those who believe in cryptocurrencies. For one, the CEO of Morgan Creek, Mark Yusko, said that he believes that a surge is on the way.
Cryptocurrency Market Will Surge Soon According To Mark Yusko
While there is no evidence to support a bull rally anytime soon, the cryptocurrency market has strong fundamentals that will cause a rapid surge within the next 10 years. Yusko, the CEO of the well-known investment firm, Morgan Creek Digital, said that there is success waiting for Bitcoin and the entire market in the long run. He made his conviction known during CNBC’s Fast Money. According to him, the Bitcoin network is strong and the strength of the network will make the price is the coin move 20 times higher within the next 10 years.
Bitcoin (BTC) Price Today – BTC / USD
Keep in mind that Yusko wasn’t always a believer. During the sit down, he acknowledged that he was wrong about Bitcoin and the industry initially stating that he now believes in the strength of BTC. Whether or not this vision for BTC will come true remains to be seen. Right now, BTC is trading at $4,016.53. This shows that it is up by 0.05% against the USD with a market capitalization of $69,911,913,810 with a 24 hour trading volume of $5,427,013,739.
XRP’s Long Term Potential
Yusko is just one of the few people who talked about what the future holds for cryptocurrencies. Dan Morgan, Ripple’s head of the European regulatory body, said that Asian countries are displaying the most interest in Ripple and its technology. He said this during an interview with Crypto Globe. For more information about this comment, read this post.
XRP (XRP) Price Today – XRP / USD
Main while, XRP is currently trading in red against the USD and Bitcoin at $0.357422. Against the USD, it is down by 1.00%. Against BTC, it is down by 0.61%. The trading volume over a 24 hour period $475,798,484 and the market capitalization is $14,413,881,683. Thankfully, XRP is still the second largest cryptocurrency per market capitalization.
Ethereum (ETH) Long-term Forecast
Things aren’t looking up for ETH at the moment. The third cryptocurrency per market capitalization is not doing well against the USD. On the plus side, it is still the best smart contract platform in the world even with the creation of many competing platforms like EOS and Cardano.
Recently, Vitalik Buterin talked about his outlook on the use cases of cryptocurrencies and blockchain technology. According to him, using blockchain in some industries is a waste of time. He said that better scaling solutions may be what is needed to save the technology.
At the time of writing, Ethereum (ETH) was trading at $111.80. This shows that it was down by 1.31% against the USD and down by 1.00% against BTC. The 24 hour trading volume is $1,932,537,873 and the market capitalization is $11,581,824,454.