Crypto Market Update for 19 May 2020: Bitcoin, Ethereum, and Chainlink | CryptoGlobe

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK) have been doing over the past 24-hour period, covers recent news that might have affected their prices (or might do so in the future), and looks at interesting tweets about these cryptoassets from prominent members of the crypto community.

To give you a rough idea of how well the crypto markets are doing today, 14 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).

All market data used in this article was taken from CryptoCompare around 12:35 UTC on 19 May 2020.

Bitcoin (BTC)

Bitcoin is currently trading at $9,678, which means that it is up 0.82% in the past 24-hour period:

According to data from CryptoCompare, since Halving Day (i.e. May 11), Bitcoin’s price has gone up from an intraday low of $8,488 on that day to $9,355, where it is now, which means an increase of 14.02%.

Crypto analyst/investor Tuur Demeester, Editor-in-Chief of Adamant Research, said in an interview yesterday (May 18) that Bitcoin is in a bull market again, that he doesn’t see the Bitcoin price dropping below the $6,000 level, and can see the Bitcoin price going as far $50,000 or even higher in the future.

Over on Twitter, Demeester talked about Bitcoin’s next “parabolic rally”:

12 months ago bitcoin broke out of its accumulation phase, and re-accumulation started. A break out of this band will likely ignite another parabolic rally. https://t.co/uGbpqYs5s8 pic.twitter.com/T1jDZMeiNV

— Tuur Demeester (@TuurDemeester) May 18, 2020

Talking of BTC accumulation, another popular crypto analyst/investor on Twitter says that 2020 could be the last year in which it will be possible to buy Bitcoin at a price below $10,000:

Last year to accumulate $BTC under $10k

— The Crypto Dog📈 (@TheCryptoDog) May 18, 2020

Also, yesterday, Jack Dorsey, who is the CEO of both Square and CEO, demonstrated a very cool new feature in Square’s popular Cash App that should help with helping more people get started with investing in Bitcoin. In short, by enabling dollar cost averaging (DCA) and getting more people to learn to think in terms of satoshis (one Bitcoin is equivalent to 100 million satoshis) rather than bitcoins, this feature should help with encouraging even those with a small amount of disposable funds to become Bitcoiners:

You can now do automatic recurring purchases of #bitcoin in @CashApp. Daily, weekly, or every 2 weeks. And change the display to sats. #stackingsats pic.twitter.com/kOlxQtkuwd

— jack (@jack) May 18, 2020

Gabor Gurbacs, Director of Digital Assets Strategy at VanEck subsidiary MV Index Solutions (MVIS), believes that it is a common misconception that we need wide mainstream adoption of Bitcoin for Bitcoin’s market cap to reach a similar figure to that of gold (which is around $8…