The founder of cryptocurrency hedge fund Pantera Capital believes the cryptocurrency market cap could one day be worth $40 trillion. Do you share his idea? What exactly did the CEO say on Thursday? This and more are highlighted in this 27 April ETHUSD Technical Analysis.
27 April, OctaFX – Dan Morehead, who is also the firm’s CEO, said in an interview with Bloomberg that he believes the fair market value of the cryptocurrency market cap is an order of magnitude or two above where it currently sits.
“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude — or two — below the real fundamental fair value of blockchain,” he said, stating later that “the industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”
“Anything that’s a $400 billion asset will not be ignored for long,” he added.
Crypto Buying Demand
The Cryptocurrency market traded sharply higher again this week, backed by double-digit gains from popular digital currencies such as Ethereum and Rippe.
The ETHUSD pair traded above the $700 level at one stage, before turning slightly lower in mid-week trading. Bitcoin also managed to put in a solid performance, with the BTCUSD pair surging towards the $9,700 level while falling short of the key $10,000 level. The popular alternative coin Ripple made gains of over fifteen percent by mid-week trading, while Litecoin and Dash moved higher alongside the broader cryptocurrency market
27 April ETHUSD Technical Analysis
The ETHUSD pair is bullish while trading above the $580 level, further upside towards $710 and $880 remains possible.
Should price-action on the ETHUSD start to trade below the $580 level, sellers may push price-action back towards the $550 and $500 support levels.
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