Bitcoin (BTC) has managed to cross the $11,000 line for the first time since March 2018. As Bitcoin hits $11k, the leading cryptocurrency proves that it is in a bullish momentum and is the main topic on many best cryptocurrency news sites.
Right now, BTC is approaching $11,000. However, while many believe that Bitcoin hits $11k confidently, the dominant cryptocurrency showed some signs of a correction and went down to $10,800 which is its current level.
Anyways, what is important is the fact that Bitcoin managed to approach $11,100 which is a gain of 13% in only 24 hours – going up from the $9,000 price levels and being featured in the latest cryptocurrency news.
As Bitcoin hits $11k, Ethereum (ETH) is also seeing a multi month high which is over $300. The 24 hour trend has been very important for all cryptocurrencies – and just like Bitcoin, the coming altcoin news showed a lot of gains, too. Speaking of, the current total cryptocurrency market cap is at $325 billion – a level that was not seen in more than a year.
One analyst and professional trader named Peter Brandt commented the “Bitcoin hits $11k” headlines and tweeted that the BTC price is currently taking aims at the $100,000 targets. In his tweet, Brandt noted that Bitcoin is on its fourth parabolic growth phase and is a market like no other, stating:
“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
While the Bitcoin price is very short of $11k, analysts are showing that the dominance levels of Bitcoin are also at new highs. As we speak, Bitcoin’s dominance is at 59% – a level that is very important for the cryptocurrency and the traders using, storing or trading with it.
In his tweet, Brandt also published a table which contains data about the growth of the Bitcoin price. As that data shows (in the image), BTC managed to increase its value by 9,765 times from October 2011 to December 2017. In other words, $1 worth of Bitcoin in 2011 was $9,765 worth of the same cryptocurrency six years later.
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI
— Peter Brandt (@PeterLBrandt) June 22, 2019
Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
“Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”The Bridgewater founder advocated that gold is the only right option to choose for everyone that is looking to diversify their portfolio just in a time where most of the world seems to be investing in equities. This is not the only reason why Dalio believes that gold will witness a major surge in inflows. According to him, the global conflicts and the depreciating value of money will force them to go on the way back to safety. Gold will be the only asset to choose from for all the investors that are looking to store their wealth at a time when the central banks are trying to keep the interest rates low. Dalio’s comments could make sense a decade ago when bitcoin was first launched. Gold is universally considered to be a safe-haven asset that the investors buy in order to protect their wealth in difficult times. Bitcoin, on the other hand, is gaining the confidence of institutional investors and there are only a few people who believe that the cryptocurrency will replace the gold. Dalio somehow forgot that the times have changed and bitcoin is now considered as the perfect replacement for gold as noted in the coming altcoin news previously.
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:
“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.
VanEck Thinks Bitcoin ETF Could Bolster US Economy
“Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over. Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Senator Sherrod Brown stated.In response to this, Gurbacs of VanEck thinks that these opinions are quite negative, unwarranted and stem from a lack of understanding of crypto. As he stated, a Bitcoin ETF could facilitate innovation that could buoy the US economy in the next 10 years:
“We are waiting finally for regulators to approve a bitcoin ETF, which would bring digital assets under the regulated American capital market. This could be, for the next decade, the driver of our economy.”Gurbacs said that the United States should harness the innovative technologies to upgrade US payments systems as well as its capital markets infrastructure. He argues that doing this would make America a world leader in the digital economy.
“I think America realized that it needs a 10-year plan to make markets great again, and basically, a 10-year plan to rebuild the payments and financial infrastructure system that we’re lagging behind on. This may be a driver to innovate and rebuild America’s payments systems and capital markets,” Gurbacs noted, for which he was featured on many best cryptocurrency news sites.The head of digital asset strategy at VanEck thinks that while President Trump and Secretary Mnuchin have negative views on Bitcoin, they must be challenged to think about it from a different perspective.
“Bitcoin — specifically bitcoin, not other digital assets — can rebuild the [U.S.] payments system. We can satisfy all the regulatory needs and government needs to rebuild the [capital] markets,” Gurbacs concluded.
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- Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion
- Economist Nouriel Roubini Slams BitMEX For Money Laundering
- Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
- Litecoin (LTC) Value Rebounds As The Halving Event Is Pending
- Sorry Mr President, cryptocurrency has a bright future
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