Back in early December, Jim Cramer, the host of CNBC’s Mad Money, had predicted that Bitcoin (BTC) was going to be annihilated for it was similar to ‘Monopoly Money’. He had also called Bitcoin suspicious for no one knew who Satoshi Nakamoto was. This was before the King of Crypto experienced its highest value of $20,000 a few days after his comments. His comments bashing BTC resulted in the digital asset doing wonderful gains in the market.
A few days later after BTC peaked at $20,000, Mr. Cramer once again predicted that Bitcoin would not replace Gold. He was quoted as saying the following:
“The jaw-dropping run in Bitcoin has been very exciting. But gold is not being supplanted by Bitcoin as the go-to alternative to actual currency.”
His comments were also wrong given the fact that during the ongoing crypto-market decline, many crypto-traders have found a safe haven with BTC. This then has led to the dominance of Bitcoin increasing from levels of 36% seen in May, to current levels of 53%.
He Was Wrong Before the Wallstreet crash of 2008
Going back further in time before the financial crisis of 2008, Jim Cramer had been quoted as saying that Bear Stearns was fine on his show – Mad Money. He is quoted as saying the following back in 2008:
“No! No! No! Bear Stearns is fine. Do not take your money out. Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear. That’s just being silly. Don’t be silly.”loading...
Jim Cramer’s Most Recent Comments
Just yesterday, the 14th of August, Jim Cramer predicted that the Bitcoin will continue dropping in value because the tide had turned against BTC. He also stated that its price will level out around $800 – $1,000. Cramer made these statements on CNBC’s ‘Squawk on the Street’ where he said:
“This thing has really become like an outlaw currency…I think the tide has turned against it. I’m not saying its time has passed but there is a notion that the sun seems to be setting…Maybe we get back to a level…of $800 or a thousand”
Using the laws of probability, Cramer has on more occasions been wrong about Bitcoin than right. Therefore, his most recent comments can be used to predict that we are indeed headed for better times in the market. Perhaps even surpassing last year’s high of $20,000 per BTC.
Evidence of a potential market recovery can be seen with the increment of volume in the markets. The current total crypto market capitalization has gone back to levels above $200 Billion and looks set to regain levels of $250 Billion that were seen before the SEC announcement to postpone ruling on the Bitcoin ETF.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Ethereum Flippening Bitcoin In 5 Years?
The dominance of Bitcoin (BTC) in the crypto markets due to the bear market, currently stands at 55.2%. Ethereum’s dominance is a distant second at 10.8% of the total cryptocurrency market capitalization. This is despite the fact that the value of ETH is still shaky with many traders postulating that it could get worse for the digital asset before it gets better. Ethereum’s decline has been blamed on three factors outlined below:
- Congestion issues on the network
- ICOs cashing out the ETH raised in the ICO boom of last December to late February this year
- Traders shorting ETH due to the above two reasons
Ethereum Flippening Bitcoin?
In a tweet on the 18th of September, Weiss Ratings stated that ETH will grab 50% of Bitcoin’s market share in 5 years. Doing the math, this means Ethereum flippening Bitcoin in the markets with a dominance that will be around 38%. BTC would be at half its current value, and at 27.6% of the total crypto market cap.
The full tweet from Weiss Ratings would go on to explain why this would happen:
“#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of…
Crypto News: What Happened To Bitcoin?
The crypto news of the day is what the heck happened yesterday in Bitcoin? In a matter of 2 hours, we saw the Bitcoin price go from 6320 to 6080 on Bitmex and then rocket higher to 6580. In the process, stops were cleaned out for both longs and shorts.
For all of 2018, Bitcoin has been a perfect vehicle for swing traders. The market has been playing support and resistance levels perfectly. The play has been to buy Bitcoin around the 6000 level and sell above 7000. Until this pattern changes, it’s what traders and investors need to keep doing. Yesterday’s price action, while crazy and extreme, does still support this strategy.
Why the crazy move in Bitcoin?
There are a number of thoughts as to why Bitcoin made the move that it did. They are technical related and don’t involve a fundamental reason. The first is that there are bots on Bitmex that go hunting for stops. The bot utilizes inside knowledge of where the orders are clustered. If the bot can move the market to where the stops are, it can get filled.
The second is that yesterday was the expiration of the CBOE futures contract. I am an ex-futures trader (now crypto) and know that expiration days can see some crazy moves. This is because it’s the last day to close a position on that futures contract.…
XRP Rally Lifts Bitcoin and Ethereum
It’s quite surprising to be writing this, but the XRP rally lifted Bitcoin and Ethereum off yesterday’s lows. As I wrote yesterday in covering Bitcoin, my bullish enthusiasm was dampened by Bitcoin’s $300 drop. XRP rising has given renewed hopes that the lows for the year are in and higher prices are ahead.
The most frustrating part about the XRP rally was the news put out by our competitors. We read the XRP rally was due to xRapid launching soon and also that a major Saudi Arabian bank had joined the Ripple network for international payments. I’ve been trading cryptocurrencies long enough to know that no one knows the exact reason why something happens in the market. This is a major buy spike that came out of left field.
I am certainly feeling better about Bitcoin now than I was 24 hours ago. The lack of volume and the price action felt like the market was heading lower. Today, however, we are back around the 6350 levels.
The problem is that it still not enough to make me buy more Bitcoin. We are still in the middle of the range between 6100 and 6500. This neutral zone is not an area that I want to be putting on trades. Yesterday’s jump was indeed positive, but need proof that it was not…
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