The Bitcoin price is up by almost 40 percent since the start of this year which means it outperformed S&P 500 and Nasdaq 100. In the coming altcoin news, we take a look closer look at the price analysis.
Despite dropping by 80 percent since its all-time high in 2018, Bitcoin had some solid months since the start of this year. These movements show that the number one cryptocurrency gains momentum.
Back in 2017, Bitcoin was worth less than $1,000. Since then, Bitcoin is increased by more than 400 percent in just two years. The number one cryptocurrency has managed to surpass Nasdaq yet again. In March, the CEO of Xapo, Wences Casares explained:
‘’I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. But if Bitcoin succeeds, in 7 to 10 years those $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio.’’
Over the years, the overall performance of bitcoin was overshadowed by the strong bull run in 2017, bitcoin still did relatively well against other assets. The currency managed to reach $20,000 and later crashed but still did well compared to others. The entire crypto market is now at a stage of early adoption.
Many financial institutions such as ICE and Fidelity are just starting to commit more to the crypto market by launching custodial solutions. New York Stock Exchange chairman Jeff Sprecher noted:
‘’Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.’’
The long-term performance of bitcoin seems to be positive since the entire market is going strong in a positive direction. Companies such as Bitwise, Coinbase, and Gemini are leading the industry and fighting against fake volume.
In the short-term, traders have a positive stance for the price trend of bitcoin. For more analysis, stay tuned with one of the best cryptocurrency news sites.
Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst
Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
Bitcoin Goes Below $8,000 Overnight: What Is The Reason?
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
Bitcoin Satoshi Vision Price Surges Another 19%, Why?
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