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Is Bitcoin finally becoming money?

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As we all know the current year has been terrible for the cryptocurrency market. After reaching 19,783 USD, Bitcoin has kept falling down and it’s at 6,487 USD at the time I write this. That kind of loss in value doesn’t seem like a great thing, but is it really that bad?

Over the last month, something happened to Bitcoin that is making even traditional investors notice it: it’s been stable. It’s been in between 6,200 and 6,600 for a full month, which means it’s been even less volatile than the stock market and most of the world’s fiat currencies. And that is a good thing.

For the first time in its short history, Bitcoin is showing signs of achieving stability which was one of the main criticisms held against it by detractors. It’s gone low all year for sure, and it’s been driving the market down. But there’s just a slight possibility that this is where the market should have been from the beginning, and that it’s found the level at which it can remain stable and reliable. And that would be the point in which traditional (and, usually, fearful) investors come in and start driving the market up again slowly but steadily?

How do we know all this? Well, the charts are there, for a start. But there is also an interview with Michael Moro, CEO of Genesis that was broadcasted by CNBC recently. Genesis is a company that gives out loans in digital assets and he had a lot to say about the current market both for loans and for cryptocurrencies.

For a start, Mr. Moro was very clear that Bitcoin still reigns supreme in all markets. Most of Genesis portfolio is indeed Bitcoin (60%) with Ripple’s XRP second at 18%. He then explained that many of those loans are used to short-sell Bitcoin, which is what has been happening all year thus driving the prices down. He also said that shorters are correcting their postures now, according to market behavior, and are buying back in.

It’s too soon to say that the market crisis we’ve seen since last December is over (but we’ve reported many times on signs of an imminent bullish run). Beyond that, the stability the market has seen recently has always been one of the signs that traditional financial analysts have been waiting to give the crypto market a vote of confidence. And it could be that stability has arrived at last.

When Mr. More was asked “Is Bitcoin digital gold at last?” he answered without hesitation that it’s not yet, but it’s on its way to be. And that is a lot more likely that the token will reach 10,000 USD before it reaches 5,000.

This is all good news. The cryptocurrency markets in the world are finding organic ways to become stable, even if it’s happening at low prices and many traditional institutions (even in Wall Street) are starting to go into Bitcoin and the cryptosphere in general, and see how it goes, which was just unthinkable a few years ago.

So make no mistake, the Bitcoin game is a long-term game, don’t let a run of low prices (however long it could be) throw you off. Cryptocurrencies are gaining mainstream adoption slowly but surely, and the market is now even tamer than the stock market. We’re all on the right path. Patience is the key.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of TheDigitalArtist/Pixabay

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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