Tom Lee, Managing Partner of Fundstrat Global Advisors, recently held a survey on Twitter to measure public awareness on the crypto market. The survey gave important clues about the crypto market.
Tom Lee published a survey on Twitter to learn how people are approaching the crypto-money market. Fundstrat Global Advisors, which took its place in the market in 2014, became the most mentioned company in the name of crypto money research. Currently, he is the Managing Partner and Head of Research at Fundstrat.
Previously, we had stated that Tom Lee had been insisting on staying in the BTC for a while. Although Bitcoin is currently traded at $ 6,550, Tom believes that Bitcoin in Q4 could rise to $ 25,000. A large majority of respondents also think the bear market is over in the crypto-money sector.
Fundstrat Survey: 54% of Institutional Players Think Bitcoin Price Has Already Bottomed
Lee asked sixty questions to his 57,000 Twitter followers. All of the questions give important information about what the market is thinking. Each question was answered by five to six thousand people. According to this survey, 45% of the participants think that BTC has seen the bottom level. 43% of them think that the next year’s best performance will be the krypton XRP.
Survey Results As follows;
Question 1: What do you think is the most important factor affecting crypto prices?
Central banks – 35%
Emerging markets – 27%
USD – 18%
Geopolitical tension – 2%
Question 2: Do you think that crypto prices have risen in economic recession?
Yes – 59%
No – 41%
Question 3: When do you think Bitcoin will see the dip level?
Before 2018 – 25%
Until March 2019 – 18%
After half of 2019 – 12%
Bitcoin already on the bottom – 45%
Question 4: What are your Bitcoin 2019 year-end forecasts?
Between 7,000 and 10,000 $ – 20%
$ 10,000 with $ 15,000 – 25%
$ 15,000 and up – 43%
Question 5: Which of the following tokens do you think will perform best next year?
Bitcoin – 33%
Ether – 16%
EOS – 8%
XRP – 43%
Question 6: Which of these tokens means the least to you?
Bitcoin – 18%
XRP – 30%
TRON – 33%
Others – 19%
According to the results of the survey
From the answers, we can say that 45% of the respondents think that BTC is at the bottom of the level. Although BTC is currently about $ 800 more than the lowest ($ 5,743) seen this year, most traders believe it is at the bottom. As many analysts say, if BTC’s falls to $ 3,000, they may experience a serious disappointment. However, close to 90% of the participants are hopeful of 2019 Bitcoin prices. The crypto sector generally thinks the bear market is over.
XRP 2019’s Most Promising Crypto
For many analysts, it may be a surprise that the XRP has been so heavily supported, that even though the XRP has seen an increase of over 100% in the last few weeks, 43% of the participants think that the XRP will continue its upward trend. And next year, the survey will be the best performing crypto currency in the four options.
How are Crypto Coins Affected by the Economic Crisis?
Another important result is that 59% of respondents think crypto coins rise in economic recession. I can’t say anything about it yet. Since Bitcoin was launched in 2009, there has never been a big global recession. There is not enough data to say whether Bitcoin will rise during the economic crisis.
Many Bitcoin fans see Bitcoin as a kind of Digital Gold. If we think about Bitcoin in this way, then we can look at how Bitcoin is performing during the economic recession. In 2008, gold fell by 30%.
Some analysts believe that in economic recession, investors are converting assets such as gold into cash to ensure their portfolios. Therefore, he believes that assets are losing value in this process. This may mean that Bitcoin will share the same fate as gold after the next global economic crisis.
XRP Sets New Liquidity Record
Bitso, the largest crypto exchange in Mexico, which utilizes Ripple On-Demand Liquidity (ODL) product, added another million on top of XRP’s Liquidity Index, breaking the all-time high record.
Previously, XRP/MXN transaction volume figure stood at around 8.5 million. It was surpassed yesterday with the new record now being over 9 million U.S. dollars and the daily progress is 92 percent.
XRP gets positive feedback from the US government
In sperate development, the US governmental agency, the Consumer Financial Protection Bureau (CFPB), has mentioned Ripple’s XRP in relation to cross-border transactions. XRP was mentioned in a document on Remittance Transfers Under the Electronic Fund Transfer Act, which is still in discussion until January 2021.
These developments suggest that in the future there may be means by which banks and credit unions could reduce their remaining reliance on estimates. These developments all share a fundamental similarity: They all apply elements of a closed network payments system to cross-border money transfers sent by banks and credit unions.
However, CFPB also recognizes that those solutions are not going to be having any significant effect on the market, at least in a short time. Companies will still have to rely on traditional banking to handle their payments.
Ripple Forecast and Analysis December 16 — 20, 2019
Ripple XRP/USD complete the trading week at 0.2168 and continue to move as part of the correction and the bearish channel. Moving averages indicate the presence of a bearish trend, continue to be repelled by signal lines, which indicates pressure from the bears. At the moment, we should expect an attempt to continue the decline and test the support area near 0.1655. Where again we should expect a rebound and continued growth of the cryptocurrency in the region above the level of 0.3705.
Ripple Forecast and Analysis December 16 — 20, 2019
In favor of the growth of XRP/USD quotes in the current trading week December 16 — 20, 2019, a test of the support area on the relative strength index (RSI) will come out. The second signal will be the completion
Ripple Forecast and Analysis December 16 — 20, 2019 involves an attempt to test the support level near the area of 0.1655. Where can we expect continued growth of quotations with a potential target at the level of 0.3705. An additional signal in favor of the fall of Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option to reduce cryptocurrency will be the breakdown of the 0.1255 area. This will indicate a continued decline with a target below the level of 0.1005.
CRYPTO ADOPTION INTENSIFIES: NEW CRYPTO PLATFORM EXPLORES ADDING XRP
XRP has been boosted a lot this year by Ripple. The San Francisco-based company has been promoting all of its products and has been making sure to boost the adoption of the digital asset XRP as well.
New platform to add XRP
Now, the crypto trading platform called Luno is exploring the addition of XRP in Malaysia.
The company’s GM of Southeast Asia, David Low, said that XRP could debt on the exchange as early as 2020, according to the Malaysian Reserve.
He also cited Ripple’s efforts to use the coin to power cross-border remittances.
“It is definitely a possibility we are exploring. However, it is not yet listed on Luno…” Low said.
He continued and explained that “Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new
According to the reports coming from the online publication the Daily Hodl, Luno is one of three exchanges that has been approved to sell digital assets in the country.
Ripple launches a new portal for developers
Ripple created a new portal for developers.
The portal that Ripple is creating is called Xpring.io and it’s designed to provide developers a one-stop-shop in order to manage “everything they need when it comes to integrating payments into their applications and a way to unify the various platforms they already use,” according to official notes.
The platform also features a custom wallet that allows engineers to test XRP payments and also to create addresses.
This can all be achieved without having to spend fiat currency.
Other than this, in terms of pricing, Ripple and XRP fans have been hoping to see a boost in the price of the digital asset, but this failed to happen in 2019.