Crypto summer is here after the increased retail adoption led the bitcoin price to surpass the $10,000 price point. In the coming altcoin news below we take a closer look at the price analysis.
On Coinbase for example, where the bigger part of the retail adoption takes place, the price of Bitcoin increased from $9,300 to nearly $10,000 in just a matter of hours. Bitcoin markets started opening around the clock and the price touched $10,000 again on Friday evening.
Bitcoin has not been at this price level in more than a year. Exactly one year ago, Bitcoin traded for about $6,763 on Coinbase and the rate has since declined almost 75 percent from the all-time high of $20,000. Supply and demand have a very important role in the Bitcoin markets since there is an estimated network of 500 million users. Senior analyst Adam Badrawi pointed out:
“Those without a historical understanding of bitcoin will likely chalk up its recent resurgence to a perfect storm of bullish news – and they might be right. The oft-repeated mantra that ‘institutions are coming’ seems to be coming true, with powerhouses like Facebook, Fidelity, Baakt, and more outlining increasingly definable product entry points into the crypto markets. As many traders and investors see it, even if Facebook’s Libra project does not provide a clear path to onboard new money into bitcoin via direct trading pairs, the fact that millions (perhaps billions) of people will suddenly be exposed to cryptocurrency wallets could result in a spillover effect into the bitcoin markets.”
As noted in the latest cryptocurrency news, with over 55% of long-term holders never selling their coins, the liquidity of the market remains uncertain. The prospect of mass bitcoin adoption is explained if the long-term holders can use their bitcoin in useful ways, for example, paying their bills, many retailers will likely place pressure on the price by massively selling.
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However, the crypto summer has started no matter what and in most market cycles the money first filters to bitcoin. If we make predictions on the massive adoption brought by other companies, the ease of use and speed will play a very important role in people’s crypto use.
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