Bitcoin starts 2020 as volatile as usual and it’s safe to say that the start of the new year is everything that traders expected. Just after New Year, Bitcoin went on a rollercoaster and dropped to a new low of $6,850 but recovered hours later gaining $500 in the process as we reported in the Bitcoin price news.
This move coincided with the US attack on Iran where the leader of Iran’s Quds Forces General Qasem Soleimani was killed. This only shows that Bitcoin is not correlated to political and economic turmoil and also showing the qualities as a store of value. In the meantime, there were some bold price predictions. Tyler Winklevoss believes that bitcoin will become as important as the email but Mike Novogratz who failed his 2019 predictions, believes that bitcoin (BTC) will end this year above $12,000.
There are some interesting things across the market as Ethereum also went through a hard fork called Muir Glacier and it was intended to fix some of the issues caused by the previous Istanbul hard fork. The entire crypto market moved over the first few days of the new year as most of the top cryptocurrencies are trading in the green. Some were even unable to claim notable grounds as Bitcoin’s dominance continues to hold its ground above 68 percent.
Entering the new year, bitcoin fell to as low as $6,850 and recovered to $7,350 hours later. As the other reports showed, Saturdays were the most profitable days for Bitcoin and Fridays were the worst for bitcoin. This doesn’t come as a shock since the weekends have been always volatile for bitcoin (BTC). Bitcoin has also been the best performing asset over the past 10 years and it grew by stunning 8,900,000 percent and not a single asset has managed to come even close to that. Bitcoin starts the year volatile but there weren’t too big of bounces in price.
Bitcoin UTXO (unspent transaction outputs) recorded an all-time high growth and there are only a few potential explanations. Each bitcoin transaction has the potential to create UTXO which is later redistributed to a change address. Jameson Lopp showed that the UTXO transactions are now happening more often and there’s a clear growth trend in 2019.
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