The fourth annual Consensus conference, one of the largest digital currency and blockchain industry gatherings, kicks off Monday. By some estimates, the conference, held in New York, tripled in size from last year and ticket sales topped $17 million.
Some crypto market observers also view the Consensus conference as a potential catalyst for bitcoin prices. As of this writing midday Monday, bitcoin, the largest digital currency by market capitalization, was up more than 1.60%.
“A look at the previous three Consensus Conferences shows significant crypto price movements during and immediately after. This trend has been maintained in all three conferences so far,” reports Bitcoinist. “Thus, it stands to reason that the pattern could continue in 2018. Blockchain conferences create a lot of hype and buzz. Traders are less likely to sell during the duration of these important crypto gatherings as important announcements are expected.”
Some cryptocurrency market observers believe that if bitcoin can make it back to $10,000, rallies fromt there could be significant. Recently, the Bitcoin Dominance Index has been rising, confirming the dominant perch of the cryptocurrency. After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin.
Historical View on Bitcoin
“In 2015, bitcoin prices increased by 23 percent during the conference and continued on a 121 percent rally in the two months that followed. About 500 people attended the 2015 gathering, which took place on September 10,” according to Bitcoinist.
Related: How the Brilliance of Blockchain Overshadows Bitcoin
Historical data suggest that was not a one-off event.
“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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