The fourth annual blockchain technology summit known as Consensus by CoinDesk starts Monday, May 14, 2018 and it will run up until the 16th. The 3-day summit is holding at the New York Hilton Midtown, with most analysts and traders projecting a repeat of crypto-markets rally during the event, as was last year.
During the 2017 event, crypto-markets experienced a 27 percent gain in overall market capitalization value, a major leap when compared with the 2016 market cap gain of only 2.7 percent during the event in that year.
Many traders believe that Bitcoin reached the $2,000 mark last year because of the event. Consensus 2017 is also believed to have brought bitcoin (BTC) to the media spotlight and catalyzed a market rally that saw the ‘king of crypto’ peaking at $20,000 on December 17th last year.
“If the last percentage increment in the market cap is to go by, the markets’ surge in 2017 increased by a factor of 10 in comparison to the surge in 2016. Does this mean that the 2018 event will cause a rally that will cause a 270 percent increment in the total market capitalization? This would mean that the crypto market would be valued at $1.053 Trillion by the end of the event and by using today’s total market cap of $390 Billion,” writes John P. Njui, a crypto enthusiasts in Ethereum World News.
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Bitcoin is currently below $8,400 again. A recovery attempted on weekend, failed to get the digital currency No.1 above $9,000 threshold. BTC/USD is trading at $8,346 early Monday off the Asian high of $8,712. The coin has lost 4.5% since the start of the day and reversed all Sunday and Saturday gains. But Fundstrat experts expect that Consensus conference would reverse the trend.
Robert Sluymer, Fundstrat’s managing director, and technical strategist expect that the event will serve as a good bullish trigger for Bitcoin and other coins, dispelling pessimism about regulatory risks.
“The regulatory risk, the fundamental risk around what’s happening with cryptos has hit a bottom and now we’re in a state of general recovery,” he said on CNBC’s “Fast Money” Thursday.
He explained that Bitcoin increased each year after Consensus, though it remains to be seen if the market follows the tradition this year.
On the longer-term scale, Bitcoin is jammed between 100-DMA and 50-DMA ($8,826 and $8,263 respectively). A sustainable break in either direction will trigger a strong movement with the next upside target seen at psychological $9,000 and support at $8,000. Both levels are critical for Bitcoin, as move below $8,000 will signal that a recovery from April’s low at $6,400 is over.
This year’s Consencus event will feature over 250 speakers and over 4,000 attendees from a variety of industries. They will include startups, investors, financial institutions, enterprise tech leaders, members of academia and policy groups; all building the much needed foundations for blockchain technology and cryptocurrencies.
It is expected to shatter previous year’s records in terms of buzz and attendance. Last year the event had around 2,700 attendees, over 125 speakers, 80+ sponsors and participants from over 70 countries around the globe.
The 2018 event is sure to double the 2017 numbers given the projections by the event organizers, Coindesk, who will be having the New York Economic Development Corporation, as a co host this time.
Notable big companies expected at the event include Microsoft, IBM, Proctor and Gamble, Siemens, CME Ventures, Citi, Scotiabank, KPMG, PWC and many more.