$200 Million Crypto Trader: 'Big Players' Will Eventually Enter the Market

A crypto trader who reportedly earned over $200 million in profits from trading ether (ETH) recently predicted that “big players will [eventually] enter” the crypto market.

Expressing views similar to other crypto market participants, the digital asset investor said “the market [goes through] cycles” and that “it’s important to remember this during both rapid growth” and sharp declines in cryptocurrency prices. Choosing to remain anonymous, the crypto trader told CCN that he first learned about bitcoin (BTC) in late 2011. At that time, he believed cryptocurrencies had the potential to “change economic relationships throughout the world.”

In bitcoin’s early days, the crypto trader recalls that it was “difficult to buy [the cryptocurrency] with fiat money” and that he bought many different graphics cards in order to mine BTC. He also purchased some bitcoin at that time through ads he saw on Bitcointalk.

"Just A Matter Of Time" That Big Players Start Investing

Sharing his experience trading cryptoassets, the investor said that he learned to take advantage of the different crypto market cycles. He suggested that when prices are down it may be the right time “to stock up”, meaning it might be a good idea to buy more digital assets. Commenting on whether institutional investors and other big market makers will start making serious investments in crypto, the trader remarked: 

It’s also just a matter of time when the big players will enter this market … We have this time for now and we need to act.

The anonymous trader further noted that the “next bitcoin block reward halving will serve as an additional trigger for growth.” Although he does not expect the next surge in prices to be as “explosive” as the previous bull market run, the veteran trader believes there will “still [be substantial] growth.” According to his calculations, a more accurate way of predicting the next bull run would be “to count down the remaining days before halving [of the bitcoin mining rewards]" - instead of focusing on how many days the bear market has lasted.

Going on to reveal that he had made investments in EOS, TON (Telegram Open Network), and Ethereum, the trader said it was not always “about profits.” For him, it’s also about “supporting the movement.” However, he believes crypto-related “technology won’t fully replace the traditional” financial infrastructure but it will introduce “fundamental” changes.

Novogratz, Ledger CEO Explain Their Business Strategies

In a recent interview, Eric Larchevêque, the CEO of Ledger, a French tech firm that develops security solutions for crypto and blockchain-related applications, predicted that the crypto bear market could last another “12-24 more months.” Larchevêque also said that low cryptocurrency prices are affecting the industry as “the presence of mass media is much smaller.” Due partly to the lack of media attention, there’s “less traffic and fewer sales”, Larchevêque claims.

Meanwhile, Michael Novogrataz, a former Goldman Sachs partner and founder of Galaxy Digital, a crypto merchant bank, recently advised investors to “stay the course.” Although Novogratz does not expect digital asset prices to recover anytime soon, he’s confident that the market will rebound. The bitcoin bull revealed that there’s plenty of development work going on right now “under the hood.” He added that it always takes longer for institutions “to move”, but was certain that they would eventually make substantial investments in cryptocurrencies.

Ethereum (ETH) vs. Ethereum Classic (ETC) in 2019

Siamak Masnavi

This article looks at how Ethereum (ETH) and Ethereum Classic (ETC) have performed against the U.S. dollar in 2019.

Before we start to look at how these two cryptocurrencies have been performing in 2019, it might be useful to present the one-year price charts for both:

The price information given in the two sections below was obtained around 10:00 UTC on August 26. ATH is used as an abbreviation for "All-Time High", ROI is used as the abbreviation for "Return on Investment".

Ethereum (ETH)

  • Current Price: $190.12
  • ATH (reached on 13 January 2018): $1,431.77
  • Percentage Down From ATH: 86.73%
  • One-Week ROI: -4.47%
  • One-Month ROI: -10.99%
  • Three-Mon ROI: -29.84%
  • One-Year ROI: -30.49%
  • Year-to-Date ROI: +41.73%

Ethereum Classic (ETC)

  • Current Price: $7.38
  • ATH (reached on 21 December 2017): $47.77
  • Percentage Down From ATH: 84.61%
  • One-Week ROI: +32.06%
  • One-Month ROI: +22.21%
  • Three-Mon ROI: -10.94%
  • One-Year ROI: -40.42%
  • Year-to-Date ROI: +46.57%

ETH vs ETC in 2019

While the one-year ROI and year-to-date ROI figures are not too different, when we take a closer look at the past three months, we see that Ethereum Classic has performed much better than Ethereum, especially in the past 30 days.

The question is why. Well, one possible explanation is that although both Ethereum and Ethereum Classic have upcoming hard forks in 2019, Atlantis, the Ethereum Classic hard fork has successfully gone live on testnets and is expected to go live on the mainnet on September 13 (i.e. in around three weeks), whereas Istanbul, the next Ethereum hard fork, might only go live on Ethereum's Ropsten testnet sometime in September and is highly unlikely to go live on the mainnet earlier than October.

Featured Image Credit: Photo via Pixabay.com