One of the well-known Financial Advisors, Ric Edelman, the Founder of Edelman Financial Engines, spoke about Bitcoin, during his latest interview with CNBC. Here, he spoke about the reason he prompts investors to have only about 1% in cryptocurrency in their portfolio.
Notably, this is not the first time the Founder elucidated on this topic. Previously, in an interview, Edelman had stated that he advises his investors to the hold up to 1% or 2% of the investment in cryptocurrency. This percentage, according to him, should definitely not exceed more than 5%. He reportedly stated that investors will have to be ready to hold the asset for a long duration, probably decades and that they will have to be prepared to lose their complete investment if they are looking into an extremely volatile market.
More so, the Financial advisor has also spoken highly of Bitcoin, the largest cryptocurrency in the market. He had stated that the very first cryptocurrency is here to stay. He added that the coin’s presence for the past 10 years and its part in over $200 billion market makes it all the more evident that the coin will not be going anywhere.
Edelman said:“But it’s because of the volatility, it works to your advantage. Instead of having volatility of 2 or 3 percent a day, this thing you typically you can see it got 10 or 20 percent on a day we’ve seen fifteen hundred percent in a year and that ridiculous level of volatility is what makes the bet, if it wins a huge winner but if it loses its 1% of the portfolio it’s really a numbers game”
This was followed by Tom Lydon, the Editor-in-Chief at ETFTrends.com, stating that there is currently a lot of pent up demand. He added that over 74% of all the advisors the firm has interviewed have claimed to have talked to their clients about their interest in Bitcoin. He said:“so they need to step up when this happens because that money is gonna go elsewhere and you want to make sure you have managed that it’s part of the pool one thing we’re quite certain is the business overall is gonna grow three point six trillion we watch me grow year after year”
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Bitcoin price prediction: BTC/USD confluence detector shows lack of resistance and support levels
- The daily confluence detector shows one healthy support level at $10,075.
- BTC/USD has gone down from $10,110 to $10,092.
The hourly BTC/USD price chart shows us that the price dropped from $10,130 to $9,815 this Thursday. The bulls then gathered momentum before it picked up to $10,190, meeting resistance. Since then, BTC/USD has been on a continuous downtrend and is currently trending around $10,092.
BTC/USD daily confluence detector
The daily confluence detector shows only one prominent resistance and support level. The $10,500 resistance level has the 5-day simple moving average (SMA 5) curve. The $10,075 support level has the 1-month 23.6% Fibonacci retracement level, SMA 10, 1-hour Bollinger band middle curve and 4-hour previous low.
Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound
Yesterday, Bitcoin (BTC) suddenly slipped. After tapping $11,000 just days earlier, the cryptocurrency cratered, falling under $10,000 as bulls failed to step in.
This move was so dramatic that according to the Bitcoin Fear and Greed Index, this sudden reversal has resulted in a reading of five — the index’s lowest value in its history. This is crazy, especially considering that BTC is trading over 300% higher than its bottom price of $3,150.
While the index’s reading may seem entirely arbitrary — just look at the bullish momentum Bitcoin has experienced in the first half of 2019 — the index is backed by data.
The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.
Bitcoin Bounces Back
But, the Bitcoin price has managed to bounce back. After remaining under $10,000 for a number of hours, the cryptocurrency managed to reclaim five digits.
Per Bloomberg, the cryptocurrency “appears to be gaining momentum for a push higher”. The analyst recently claimed that as BTC recently dropped “below the lower limit of its GTI Vera Band Indicator, which measures up and down trends”, a spike to the upside may be ahead. The last four times the bottom band was breached, “it managed to quickly rally back into the range”.
According to Mike McGlone, an analyst at Bloomberg Intelligence, Bitcoin is currently setting itself up for a recovery. He explained in a note that its “unique attributes” (likely a reference to its classification as a digital store of value/digital version of gold) and tumult on the macroeconomic stage could help boost the value of Bitcoin. Indeed, many say that if trade wars continue to rage and if central banks continue to enlist unorthodox monetary policy, the need for a form of money that is decentralized, scarce, borderless, and public will only swell.
While McGlone is bullish for the medium term, he told Bloomberg TV in a recent interview that his short and long-term prospects on the cryptocurrency are mixed.
Per previous reports from Ethereum World News, McGlone argued that with there being key support at $8,000 and heavy resistance at $20,000, the cryptocurrency could be stuck in that range “endlessly”. He added that on-chain fundamentals — active addresses, number of daily transactions, fees, and so on and so forth — have begun to taper off like they did to trigger 2018’s bear market.
Altcoins Finally Gain Some Steam
Interestingly, throughout this short-term recovery, altcoins have bounced, actually outperforming Bitcoin for once.
According to CoinMarketCap, Bitcoin dominance has fallen to 68.5% from nearly 70%. Ethereum is up 3.5% on the day, while BTC is up a relatively mere 0.2%. It’s a similar story across the cryptocurrency rankings.
Bitcoin Vs. Ripple: Amidst the Bearish Trend, The Coins Gave Some Brief Moment of Trading
There is a close link between the movement of Bitcoin and Ripple. Both of them are strong coins with a dedicated community of users. At present, they are facing some negative sentiments, but this will wash off soon.
Current Statistics (On August 22 at UTC 08:38):
|Parameters||Ripple (XRP)||Bitcoin (BTC)|
|Market Cap||11,339,553,299 USD||178,409,831,940 USD|
|24-Hour Volume||1,033,612,299 USD||18,408,249,735 USD|
|Circulating Supply||42,890,708,341 XRP||17,890,087 BTC|
|Price in BTC||0.00002654||NA|
BTC Vs. XRP Price Analysis:
Both Bitcoin and Ripple started on a declining note. In the first hours of the day, Bitcoin price has declined by 6.15% and fell to the level of 10,125.86 USD. Similarly, Ripple declined by 4.15% and landed at $0.2628. After that, the declining trend has slowed a bit, and coins kept fluctuating up and down in the range of around 2%. However, during the early minutes of the second half, on the other day, came yet another dip where BTC price declined by 2.21% and Ethereum by 0.96%.
After the second intraday breakdown, the digital coins have shown some strengthening for the next couple of hours. In that period, BTC hiked by 1.75% and XRP by 1.5%. The next plunge that came in around midnight dragged Bitcoin price by 2.91% and took it below $10k mark again. Similarly, XRP declined by 2.02% and landed at the level of 0.26 USD. Lately, the cryptos have been hovering at those levels and showed some bounce back, which helped then to move toward their current position.
BTC vs XRP Prediction & Conclusion:
Making any prediction in this swinging market is a rigorous task. However, for now, Ripple faces immediate resistance at $0.274454 and support at $0.259335. For Bitcoin, the immediate resistance is at 10,636.95 USD and support level at $9,800.93.
The Ripple team has done a recent assessment of the blockchain and assured that they will work toward the narrowing of the skill gap. Further, they added that in order to address the issue, the team would seek the help of experts including academia, governments, and private organizations.