With the advent of ATMs, BCH, wide acceptance with online merchants and sportsbooks, top cryptocurrencies are more useful than ever.
Altcoins are bleeding out as Bitcoin continues to dominate the share of the market. The latest estimates are that Bitcoin holds 70% of the market, but the true market cap may actually be above 90%. This is due to digging into trading volume and other indicators of liquidity. IN other words, Bitcoin is more than likely holds a market cap that’s 20 percent higher than most published estimates.
What does this mean for altcoins?
Well, most of them are going to bleed-out. Even Mark Keiser stated recently that ‘the era of altcoins and hard forks is dead.’
After a hard crash in 2017, BTC is back up to over 10 thousand dollars per coin. Some pundits are predicting that it will return to the 20 thousand dollar mark by the end of the year. However, a recently published article by cointelegraph states that the 20k-mark is 93 percent unlikely. That said, some forecasts have BTC at more than a 31 percent probability of breaking the 15 thousand dollar mark in 2019.
Regarding BTCs bullish behavior and the outlook for October, Murad Mahmudob posted on twitter- “10K is the new ~6K, but instead of breaking down it will hold and start grinding UP.”
Furthermore, there are two ETF (Exchange-Traded Funds) applications under review by the SEC with deadlines set in October. This should make the Fall of 2019 extremely interesting for crypto-investors and crypto-enthusiasts. If either of these ETFs are approved by the United States Securities and Exchange Commission, it will mark a turning point for cryptocurrencies and the market and outlook for BTC, perhaps as well as Ripple and Ethereum will never be the same.
Bakkt on the Up?
7 business days until Intercontinental Exchange (ICE) is offering physically settled Bitcoin futures through its Bakkt unit. It will act as exchange, clearinghouse and settlement authority. ICE BTC futures will create price discovery apart from any cash market influence. ?
PlanB (@100trillionUSD) September 11, 2019
ICE (Intercontinental Exchange via Bakkt, is about to offer physically settle BTC futures. Coming in mid-September. That said, it isn’t really a crypto-exchange. At the moment, it is more of a crypto-custody business.
Shareholders should be happy since they have seen an overall growth since 2005, and even though it isn’t really an exchange yet, this shouldn’t scare off investors. Bakkt is redefining crypto price discovery and setting up for discovery to happen in and end-to-end market instead of a spot market. Essentially, they believe discovery will switch over to a futures market. Their product is bullish, indeed. Starting on the 23rd of September, they’ll offer trading on a daily BTC Futures Contract as well as a Monthly Futures Contract and already have approval from the CFTC (Commodity Futures Trading Commission).
The daily futures will have affordable trading prices of just 1 cent per coin on transactions of 10 Bitcoins or more. Fluctuations per contract are also set at a minimum of just $2.50. They very well could change the game with these products … if BTC investors get on board.
Predictions
Because of all of the massive things coming in September and October, we predict that BTC will jump past the 15 thousand dollar mark this year. Even if Bakkt, is entirely successful, and the SEC denies these two latest ETFs, the hype surrounding events like these should be enough to keep BTC on its bull run.
The more high-profile news, the better. Casual investors will stake a little more into BTC and help to drive the market. A fair assessment is BTC closing the year over $16k.