More ICOs will drive cryptocurrencies
The emergence of the ICOs on the market makes the cryptocurrency investment industry stronger. The whole cryptocurrency market cap has already surpassed $100 billion USD and keeps growing.
Adam Norrie stated to Coinidol.com that new money entering the industry is also a reason for the Bitcoin price to continue growing. He said:
“We can chart this due to the fact that cryptocurrencies, in general, have grown in regards to their market caps and that this has not impacted the Bitcoin price at all in a negative way but rather shows how as a collective the space is growing.”
“We must consider that right now Bitcoin is less than 50% of the total market capitalization of cryptocurrencies. There is much more going on in the blockchain assets space that just bitcoin. This means that it is now possible to invest money in this asset class with some degree of diversification which of course is very helpful for big investors that want to capture the return of the sector while hedging idiosyncratic risks of each specific coin. Furthermore crypto derivatives markets are slowly becoming a reality which adds another dimension to the potential investment and trading strategies that can be implemented. Crypto is now much more than just Bitcoin and that makes the class more interesting to professional traders and investors.”