The Bitcoin Price Skyrockets This Year, Why? – Jason Liu
After a massive crypto winter last year, the cryptocurrency market rally since April 2019 has finally given hope to investors. Needless to say, the driving force behind this market rally is the world’s largest cryptocurrency Bitcoin.
Since the beginning of the year, the Bitcoin price has surged nearly three-fold times just within the first seven months of 2019. Last month in June 2019, the BTC Price surged all the way to hit its 2019-high above $13,300 and is currently consolidating around $10,000 levels.
If we look at the year-to-date performance, the cryptocurrency market has added over $150 billion to its overall market cap. Of this, Bitcoin alone has contributed over $115 billion which clearly shows that it been dominating the crypto market. As on date, Bitcoin alone contributes 65% of the overall cryptocurrency market cap.
The Bitcoin price today, as on July 25, is $10,076 with a market cap of $180 billion. Several experts from the cryptocurrency industry are predicting massive price surge ahead this year. Let us look at some of the major reasons why Bitcoin is likely to surge new heights ahead.
The Future of Bitcoin Is Bright Says Crypto Analysts
• During the Bitcoin bull run of December 2017, the Bitcoin network hit a major roadblock as the network capacity was not sufficient to meet the massive inrush of Bitcoin buyers. The result was that the BTC price was seen consistently dropping down post that.
However, there have been considerable developments like the Lightning Network — Bitcoin’s second-layer off-chain scalability solution. The Lightning Network development has eased up the congestion on the Bitcoin mainnet to a great extent. Thus, the next Bitcoin bull run is likely to take the Bitcoin price to new highs.
• Institutional participation in the cryptocurrency market is on the rise and big organisations are especially warming up to Bitcoin. Giants like Fidelity Investments and Intercontinental Exchange (ICE) are working on different products and services to cater to the institutional demand.
The CME Bitcoin Futures, launched in December 2017, is currently witnessing a record $1.7B in notional value traded by last month’s expiry on June 26. Moreover, ICE’s Bakkt platform has already started testing its Bitcoin Futures and is likely to launch in Q3 2019. This could lead to a massive inflow of institutional money scaling Bitcoin to new highs.
• Some crypto industry experts believe that the arrival of Facebook’s native cryptocurrency Libra will serve as a catalyst for Bitcoin. Experts believe that the arrival of Libra will create more awareness for crypto in general, and especially for Bitcoin.
A report from equity research platform Seeking Alpha notes that the publicity from crypto will lead to greater money inflow in Bitcoin. The report author Ryan Waldoch said: “I believe that Libra will allow users to be more inclined to use bitcoin as a peer-to-peer payment system while the uncertainties of the global markets are having investors flock into bitcoin as a store of value”.
Besides, the arrival of Libra will bring more regulatory clarity for the crypto markets, ultimately leading to higher institutional participation.
• During a recent podcast interview with Unchained’s Joey Krug, Pantera Capital CEO and founder Dan Morehead has set major targets for Bitcoin. Morehead believes that Bitcoin is likely to touch $42,000 by the end of 2019, and it will climb all the way above $350,000 by the end of 2021.
• A few crypto analysts also think that Bitcoin adoption will continue to rise in developing countries or countries with growing economic uncertainty. During his recent analysis, Mike Alfred, chief executive and cofounder of Digital Assets Data, said: “We found that in developing countries and places where monetary policy and banks are less stable, bitcoin trading volume continued to rise even as the bitcoin price was falling”.
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Published at Thu, 22 Aug 2019 04:43:09 +0000
Bitcoin Pic Of The Moment
PHOTO: Philip McMaster, www.RepublicOfConscience.com
Hong Kong Etherium Meetup.
Vitalik Buterin illustrates how Etherium can be used by www.CaringCurrency.com to create a "Pay It Forward" time limit on CC Coins, and attach "Provenance" to each coin.
Thanks For the PIZZA Jehan!
www.WorldSustainability.Org
By Philip McMaster PeacePlusOne_!/ on 2014-06-26 19:26:11