Thomas Hughes wrote an article for SeekingAlpha.com indicating a positive $$$ future for Bitcoin buyers. Well, you know my opinion and I’m not completely sure about role of cryptocurrencies in our modern society. Read it now:
The cryptocurrency industry has awakened right after a long hibernation. The price of Bitcoin (BTC-USD), the world’s reserve cryptocurrency, is up a whopping 85% considering that hitting its December 2018 lows and it appears like more gains are around the way.
The question, certainly, is how higher can Bitcoin’s cost go? The crypto coin is far in the decentralized solution to payments promised by its creators and it hasn’t attained mass adoption.
Think it or not, there’s a bull case for Bitcoin and cryptocurrency that comes down to one particular factor; blockchain technologies has utility and exactly where there is certainly utility there is are possibilities.
#1 – Bitcoin, The Gateway Crytpocurrency
As trite as it sounds Bitcoin is often a gateway to cryptocurrency. Bitcoin may be the most well-known cryptocurrency around the planet. You can not get away from it, Bitcoin dominates media headlines and is typically a blanket representative for the entire cryptocurrency market place.
Studies by YouGov.Omnibus released late last year reveals Americans’ awareness of Bitcoin has reached 80%. Bitcoin led with an awareness percentage of 71%. The next closest contender was Ethereum (ETH-USD) at only 13%. An additional study, of U.S. college students, shows 18% have owned or own Bitcoin and 26% would like to take a course about crytpocurrency. Notably, the mix of degree seekers was well diversified.
There is no guarantee Americans will begin to work with Bitcoin or even cryptocurrencies, but these figures recommend the opposite. Bitcoin, blockchain, and cryptocurrencies have utility and awareness is spreading.
#2 – Bitcoin May be the Most Steady Cryptocurrency
I do not wish to imply that Bitcoin’s value is steady since it is not. Bitcoin’s value is still wildly volatile but volatility has been on the decline. Together with that BTC’s hash price and market-dominance have each stabilized and at what I will call satisfactory levels.
Volatility – A look at the weekly chart, making use of Bollinger Bands (A usually utilized measure of volatility) will show the narrowest bands in nearly two years occurred final month. Last month, MarketWatch reported Bitcoin seasoned its 2nd lowest volatility month on record, a mere 7.8%, but noteworthy for one particular explanation; Bitcoin commonly experiences a low in volatility just just before it begins every bull run.
The Hash Price – The Bitcoin Hash Price is a measure of just how much computing energy is being used around the Bitcoin network. Following hitting a peak in late 2018 the hash rate plunged as well as the broader cryptocurrency market. The hash price fell mainly because miners have been no longer generating the easy money, correctly shaking out the weak positions, and there have been other opportunities with unique blockchains. The hash rate has considering the fact that stabilized near the 2018 all-time highs and is proof of continued support among the network. Forks of Bitcoin like Bitcoin Gold, Bitcion SV, as well as Bitcoin Money (all intended to enhance around the original) have not garnered exactly the same consensus.
Bitcoin Dominance – Bitcoin’s dominance can be a measure of its worth relative to the broad cryptocurrency market place. At one time it was the only cryptocurrency, 100%, but things have changed since then. Starting in early 2017 the market was flooded with new cryptocoins and tokens that stole market place share from Bitcoin. A lot of of these coins and tokens have gone extinct, other folks have lost their luster, and BTC has emerged victorious. Bitcoin’s dominance has stabilized above 50% with all the number two Ethereum at only 10%.