At the time of writing, Bitcoin was swinging mildly within a restrained $8,200 to $8,300 range.
Stomach knots are loosening, tension is dissipating, and nerves are calming after a tumultuous 72 hours when Bitcoin prices went down below $6000 from $10,000 just over 2 weeks ago.
It’s anyone’s guess these days where the next levels will be today or next week, although some predict that Cryptocurrencies could go on a bull run greater than last year and pass the 5 trillion-dollar mark in terms of value, experts told CNBC.
“At its lowest point on Tuesday, the total cryptocurrency market saw over $550bn wiped off its value, but industry insiders see another rally ahead,” said CNBC.
The cryptocurrency had a market capitalization or value of $135bn on Wednesday, according to CoinDesk data.
Who are these market bulls?
Experts buoyant on Crypto
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year,” Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC, adding “”There is no reason why we couldn’t see bitcoin pushing $50,000 by December.”
Bitcoin could be worth 40 times its current value one day, or over $5 trillion, Cameron Winklevoss one half of the famous Facebook twins, told CNBC on Wednesday.
“Taking bitcoin in isolation, it is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. It sort of equals a better gold across the board,” Winklevoss told CNBC.
And we’re off to a good start.
Up, up, and credit card paid
According to Markets Insider, from Business Insider, cryptocurrencies are doing well:
– Bitcoin (BTC): $8,222 (+6.7%)
– Ethereum (ETH): $831 (+5.3%)
– Ripple (XRP): $0.78 (+2.3%)
– Bitcoin Cash (BCC): $1,011 (+4.5%)
– Litecoin (LTC): $150 (+5.6%)
Fortune magazine said that nearly 20% of people who own cryptocurrencies such as Bitcoin went into debt to buy it, or bought it on margin, quoting a mid-January survey of 3,000+ people by CoinDesk.
The rising use of debt is one of the reasons banks like Citigroup Inc., JPMorgan and Bank of America halted purchases of Bitcoin and other cryptocurrencies on their credit cards.
But about 52% of CoinDesk survey respondents said they repaid their debt.
Now, which top five crypto billionaires took the plunge and came out on top?
Top 5 high net worth crypto individuals
Forbes came out with estimated holdings of cryptocurrencies, post-tax profits from trading crypto-assets and stakes in crypto-related businesses, with estimates using prices on Jan. 19, 2018.
Here are the media’s top 5:
1- Chris Larsen: Crypto Net Worth: $7.5 billion – $8 billion
The richest man in crypto is Chris Larsen, a Stanford M.B.A. and veteran Silicon Valley operator who at the January market peak had a fortune of some $20bn, the bulk of it derived from his 5.2 billion XRP, the token of Ripple, the company he cofounded with Jed McCaleb in 2012.
2- Joseph Lubin: Crypto Net Worth: $1 billion-$5 billion
The second richest is Cofounder, Ethereum Joseph Lubin, who began his career working in robotics and later transitioned into finance, building trading systems, running a hedge fund and working for Goldman Sachs’ private wealth management division.
“Crypto-industry insiders believe he may be the single-largest holder of Ether, with valuations as high as $10 billion,” said Forbes.
3- Changpeng “CZ” Zhao– Crypto Net Worth: $1.1 billion-$2 billion
Next comes “CZ”, CEO, Binance which according to Forbes didn’t exist 7 months ago.
“Since then, its 1.4 million-transactions-per-second capability have attracted 6 million users, making it the world’s largest crypto-exchange.”
A Binance token has soared from about 10 cents to $13, giving it a market capitalization of $1.3bn.
4- Tyler and Cameron Winklevoss– Crypto Net Worth: $900 million-$1.1 billion each
Famously, Crypto investors the Winklevoss twins, 36, accused Zuckerberg of stealing their idea for a social network, suing Facebook and settling for $65 million in Facebook stock and cash.
5- Matthew Mellon– Crypto Net Worth: $900 million-$1 billion
Individual crypto Investor Matthew Mellon is heir to one of America’s great banking fortunes and got turned on to XRP, spending some $2 million to acquire coins.