Woke up today morning seeing all the red? That may change soon enough. Today is a big day for the blockchain community. It is the first day of Consensus 2018.
Consensus is an annual Blochchain Technology Summit organised by Coindesk. 2018 is expected to have about 7000 attendees, the highest so far. The event will be held from May 14 to 16.
Can the consensus make a difference for the cryptocurrency market?
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Historically, Crypto prices have gone up after Consensus event
An image is circulating on social media with the historic market prices around Consensus.
If you check the prices today, which falls under the ~week -1 category, crypto markets are down, instead of up. In the past 4 days Bitcoin prices have slipped from $9300 to $8400. That’s a drop of 9.7%. The period of calculation should be from May 09 to May 16. There are three more days till the end of Consensus. The markets can go either way.
Last year, the consensus was held from May 22 to May 24. On May 19, BTC prices lurked around $1600 but spiked to $2700 on May 25. That is a growth of 66.7% – a little less than what’s mentioned on the chart.
Projects to Watch out for
If you are into alts, you may be in for a joy ride. Many projects have representation at the consensus this year. It doesn’t mean that they will immediately spike, but an exposure for any project is a good way to gain adoption.
Overall, all conferences have more attendance from promoters and investors than from developers. The networking is strong. In a speculative market such as crypto, good deals, positive news, more partnerships are the indicators for markets to go up. Consensus is the perfect spot for these.
The problem though is – Among the 1500 Alts, which one shall perform well?
At Consensus and other conferences this week, developers probably make up 5% of the attendees. Promoters, investors, biz dev people, service providers etc are all helpful to the ecosystem, but the devs are building the future and deserve far more recognition than the rest of us.
— Ari Paul (@AriDavidPaul) May 14, 2018
We received a ‘Cheat Sheet’ the other day to watch out for certain alts. Here it is:
Regulations will be the talk of the town
Although the above cheat sheet does not mention it. It is highly likely that the theme for this year’s consensus will revolve around regulations for cryptocurrency. Around the world, regulators are clamping down on cryptocurrency. India, Pakistan, Zimbabwe, China, Korea, Australia are recently in the news.
On the other hand, within the US, where the consensus is being held, the SEC is trying hard to determine regulations for the cryptocurrencies and ICOs in particular.
Consensus 2018 will see lot of questions pop up around the subject. More and more projects will come up with ICO tokens as securities, with debt and equity in the company. Earlier this year, an ICO Lympo announced distribution of equity to the holders of LYM tokens. Many more such news expected from future projects which can light up some green in the market.
Skeptics
There are some who believe Consensus was not the catalyst behind last year’s growth.
Did #Consensus 2017 drive the price in alts? No!$BTC hit the top of the 2017 trend channel. So people sold.
Where did the BTC money go? Into alts because they hadn’t hit the top of their channel yet ($ETH is a nice gauge for all alts).
Correlation does not mean causation. pic.twitter.com/RlktUKWvLn
— BTCWildeOne (@TimmyBLee) May 12, 2018
Also some who believe there won’t be much for BTC during the consensus.
Unpopular Opinion: $BTC will just go sideways during Consensus.
— Shill Nye The Lambo Guy ? (@CryptoShillNye) May 14, 2018
A lot has changed for cryptocurrency over the last year. Bitcoin hit an ATH of $20000 and it is right now at less than 50% of that value. Cryptocurrency Futures markets are live now. Institutional money from the likes of Goldman Sachs are entering the market.
It is not entirely possible that one event can really make a huge difference this year, the way it did last year. But this is crypto and we are always in for surprises when it comes to cryptocurrency. We will be keeping a close eye on Consensus.
On a side note – I do feel good about DOGE coin as Snoop Dog is going to perform at Consensus. (This is a joke)
What do you think will happen after the consensus? Let us know in the comments below
Disclaimer: This is not an investment advise. Please do your own research before investing.
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