By CCN.com: On Thursday, Michael Arrington, the founder of TechCrunch and Arrington XRP Capital, has said that he has never been more bullish on crypto. The statement of Arrington comes after major investment firms in the crypto market in the likes of Pantera Capital and Arrington XRP Capital secured rounds exceeding $100 million to invest in emerging companies in the crypto industry.
Despite the strong performance of alternative cryptocurrencies, the bitcoin price has been unable to break out of the $4,000 region since December, briefly reaching $4,200 in some markets. The extended period of stability demonstrated by bitcoin has worried technical analysts throughout March, considering that the bitcoin price experienced a 50 percent plunge in price in November 2018 when it showed minimal price movement for a span of about 3 months. “Once price breaks $4,200 it could move fast. Matter of watching levels, just like 3700 yesterday. The key for the short-term prosperity of the crypto market is for BTC to break out of major resistance levels with strength,” economist Alex Krüger said in February.
However, bitcoin has struggled to test any key resistance levels above the $4,000 level. While the analysis of technical indicators of bitcoin and the short-term projection of the dominant cryptocurrency vary, activities and developments in the crypto industry have shown that the interest in the asset class still remains relatively high following a 15-month bear market. Perhaps most importantly, in recent months, the crypto industry has seen major startups and leading companies mature amidst one of the worst corrections in the history of the cryptocurrency market. The valuation of the crypto market has dropped by nearly 82 percent from $813 billion since January and it has provided investors with viable opportunities to enter the market with reasonable valuations of projects.
TechCrunch Founder: I’ve Never Been More Bullish on Crypto, CCN, Mar 29