Consensus Conference: A Catalyst for Bitcoin?

“The following year, the attendance tripled to 1,500. Bitcoin prices increased by 10 percent during the Consensus week and 78 percent in the following two months. Then in 2017, attendance doubled. At the same time, Bitcoin price spiked by 69 percent at the time and 138 percent in the following two months,” reports Bitcoinist.

There is significant room for growth in the cryptocurrency universe. Recent data suggest a small amount of American investors own any digital currencies and, after bitcoin, the numbers of crypto ownership dwindle.

Some bitcoin bulls believe the cryptocurrency can return to $20,000 or even move to $25,000 as soon as later this year. The Consensus conference has a way of sparking other digital currencies higher as well because many display tight correlations to bitcoin.

“Altcoin prices have also had spectacular rallies during and after previous Consensus Conferences as they tend to follow Bitcoin. In 2017, the average altcoin price increase during the meeting was 176 percent while mean prices spiked by 552 percent in the two months that followed,” according to Bitcoinist.

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