Elliott Wave International took notice of bitcoin back in September 2010, when the digital currency was worth a penny.Withsince then, the world of "cryptocurrencies" has changed a lot. Today we will learn about one of the latest cryptocurrency developments.
By Bob Stokes
Translation in subtitles:
Text version of the video:
The world of cryptocurrencies continues to expand.
It all started with Bitcoin, by the way, about which Bob Prechter wrote back in "The Elliott Wave Theorist" on September 17, 2010, when the digital currency was worth a penny! Below is a quote:
Bitcoins have the necessary properties of money:medium of exchange (anonymous and over long distances), unit of account (private), divisibility (up to eight decimal places), scarcity (21 million), portability (transferred electronically) and is a store of value (current exchange rate — according to as of August 2010 is 1 Bitcoin, or BTC, equal to $0.065).
To the best of EWI's knowledge, "Elliott Wave Theorist"turned out to be the first prominent financial news publication to bring attention to Bitcoin. Since then, the increase in value has become simply astronomical.
In addition, other cryptocurrencies have been introduced since then, such as Litecoin and Ethereum (but there are others).
An excerpt from the March 11 Marketwatch article explains another event:
Digitized work of art created byby the artist known as Beeple just sold at Christie's [March 11] for nearly $70 million, a record amount for a new form of art involving cryptographic technologies known as NFTs [or]... called Non-Fungible Tokens.
Unlike tokens, NFTs are unique and notare intended to be used as a medium of exchange. Interchangeability refers to the interchangeability of one unit of a thing with another. ... One of the forefathers of the NFT [said] that the NFT should be viewed as "a digital cryptographic token that is ... a work of art or collectible, not a universal currency."
Moreover (The New York Times, March 12):
Beeple NFT for $ 69 Million Was Bought for Cryptocurrency
NFTs have been around since 2017 and are typically written on the Ethereum blockchain.
Does the nearly $ 70 million price tag of a digitized artwork mean that cryptomania needs a major overhaul?
Well, let's get back to Bitcoin and what our cryptocurrency analyst said in the March 5 Global Market Perspective:
From about the end of January until the last third of February, we were leading a [upward] pattern [on the Bitcoin chart].
Our projected range for the top [thatwaves] ranged from $ 56,000 to $ 58,000 ... The actual maximum that Bitcoin reached on February 20 was $ 58,334, so basically our goal was met.
From this maximum indicator a [corrective] wave began. Now we are focused on the option of completing [the correction]. We have some evidence that it has ended.
When this analysis was published on March 5,Bitcoin was trading just below $49,000. And just this weekend, the cryptocurrency rose to almost $62,000 (before sharply falling back by 10%).
So, "cryptomania" persists - at least at the time of this writing.
But what does Elliott Wave analysis suggest next?
Well, take a look at the Bitcoin chart and Elliott Wave counting in the new Global Market Perspective.
Follow the link below to find out how.
Source
"Elliott Wave Theorist": in Russian
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