If you follow Bitcoin news (as we assume since you’re reading this), you know there’s a lot of bad vibe around it. Haters say it’s too volatile, that it’s worth nothing, that it isn’t money, that’s it’s ruled by China and many other things. Well, most of that is just absurd. It has nothing to do with reality and everything to do with fear which is, unfortunately, the way most markets work.
So let’s take a minute to have a look at Bitcoin’s current situation and try putting it into perspective so we can find out if it’s so bad as critics say or if things are going more or less well, giving us no reason to panic.
As we all know (and if you don’t you’ll find out in this very sentence) Bitcoin reached it’s highest peak last December 17th. It’s been all going down since then. This is terrible news if you bought tokens back then but is it that bad for the community as a whole? Does it mean that Bitcoin and crypto are doomed?
Some people would answer affirmatively to both questions, but you should take that point of view with a grain of salt. A lot of the people who manifest that are people who are reading the writing on the wall but are scared of Bitcoin to go up because they don’t own any. We know how childish this sounds either from them or form us, but it happens.
But if you take the time to look closely into the Bitcoin market’s recent developments, there are plenty of good signs. We are quite confident that this will mean that Bitcoin will grow back, it will explode in price at some point in the future, and it will lead the way (as it always has) for the cryptosphere as a whole.
Let’s review the facts.
First of all, something like 10% of all of the world’s Bitcoin wallets has remained inactive for most of the year. And some of those wallets are pretty big. This means that there is a perfect proportion of BTC holders who are sure that their digital asset’s value will go up again, which is why they’re not selling, even as the market keeps going down.
Then there’s the volatility factor. Crypto markets, Bitcoin especially, have been intensely criticized by skeptics and haters because of the level of volatility they have. While volatility has been, indeed, the rule for years, if you have a look at what’s happened over the last month, you’ll find that Bitcoin is, right now, half as volatile as the Dow Jones index or as any fiat currency market. In other words: BTC is becoming a stable means to store wealth, more reliable than most other traditional resources such as the stock market, USD, Euros, or Pound Sterling.
One last thing: have a look at the value chart for, say, Apple’s shares. Then compare it to the current chart for Bitcoin and other digital assets. Do you see how much they look alike? Apple has been around for more than three decades, so it’s had the time to explode but just notice how Bitcoin is showing the behavior Apple did before it went big (and we mean really big).
Remember this: 17 years ago everybody was sure that Amazon would go down like a led balloon. A lot of ink was spilled explaining the world why it was never going to work or recover. Well, Jeff Bezos is now the world’s richest man and nobody doubts about Amazon as a viable option. So don’t despair about your Bitcoin holdings. If you have some, keep them. If you don’t, do your homework and get some.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
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 Flickr
Why Bitcoin Price Remains Stable Before the Expected Hike
The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.
The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.
Why this week’s closing price matters
Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.
If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…
Stanford Lecturer praises XRP over Bitcoin
The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.
Does guest lecturer go anti-Bitcoin?
In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.
According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.
However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.
The claims caused Dr. Athey to respond publicly via Twitter, stating…
Bitcoin Chasing Green — First Positive Month Since July In Sight
The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved
The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.
What does the future hold for BTC?
As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.
The recently-emerging bullish trend took it beyond this, and while the price…
Blockchain project that incentivises people to test for diabetes by handing them cryptocurrency wins first GoodDollar hackathon attended by Israeli ambassador in Rwanda
The Highly Acclaimed PayDex, an Advanced Blockchain Payment Platform
Top 3 Cryptos to Serve as an Alternative to Bitcoin
Blogs2 weeks ago
BTC/ETH/XRP — What to Expect in March 2019
Altcoins1 week ago
Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction
Hot Updates2 weeks ago
Aaron System in Thailand enters into Mongolian Cryptocurrency Exchange market with UBWAVE in Mongolia
Hot Updates2 weeks ago
BTC ETF Approval will Boost the Crypto Market ?- Bexplus BTC Investment Tips 2019
Bitcoin1 week ago
Stanford Lecturer praises XRP over Bitcoin
Altcoins2 weeks ago
CoinFlip ATMs Present a Compelling Opportunity for Crypto Traders
Altcoins2 weeks ago
MGO Token Could Surge After New Payment API Release
Blogs1 week ago
Three Biggest Things To Know Come Cryptocurrency Tax Season