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.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically
“I would not be surprised if BTC performs like gold did 2008-2011.’’McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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