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Here’s A Key Bullish Metric For Bitcoin (BTC) That No One’s Talking About

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Right now, Bitcoin (BTC) goes for in around $8200 apiece and currently trades for a market capitalization (at this price) of around $139 billion. Much time has been spent over the last six weeks or so trying to figure out where price will eventually bottom out and, subsequently to, turnaround to resume its overarching upside momentum.

Much of this analysis and time has been spent focusing on previous price levels as relates to things like moving averages as well as volume metrics.

There’s another key metric on which we can focus, however, that might be more accurate as far as allowing markets to ascertain exactly where things stand in the bitcoin price right now – market capitalization.

BTC Daily Chart

BTC Daily Chart

The thing with market capitalization in the space is that it doesn’t represent what it represents in the space for which the term was coined, the equities markets. This is something that many people overlook or ignore outright when evaluating coins. Ripple (XRP), for example, is priced at around $0.77, just a tiny fraction of bitcoin’s price, but its market capitalization puts it as the third-largest currency on the market.

There is a degree of similarity between the equities markets and the cryptocurrency space in that a larger total supply will generally result in a reduced price (analogous to a company issuing more shares and its share price reducing accordingly) but that’s about why things end, especially when you take into consideration that the token market capitalization is measured against fiat.

Anyway, the point where trying to make is that with the vast majority of coins, market capitalization isn’t a reliable metric. With bitcoin, however, it is. The fixed supply combined with the ever-increasing difficulty associated with bitcoin mining (in other words, the restricted rate of new coins entering the market) creates a situation in which market capitalization can be a major indication of strength or weakness.

In turn, we can look at historic key market capitalization levels as similar in implications to historic key price levels.

And we’ve got one in and around current pricing.

As mentioned, right now, bitcoin trades for a market capitalization of a little over $139 billion. $100 billion flat is a major psychological key level from a market capitalization perspective and it’s one that initially broke back in October, when price traded in around $6000. Subsequent to the break, the bitcoin price ran to around $7000 before dipping to retest the $100 billion market capitalization level. The retest proved strong (to a degree, at least, price broke below it for a single day before resuming its uptrend) suggesting that this is a major support level in markets right now.

Fast forward to February 6, and the bitcoin price fell to $6300, representing a market capitalization of $106 billion. From here, and as mentioned, it has since appreciated to current levels.

The assumption is, then, that this retest of $100 billion market capitalization as support, and importantly, this successful retest of this level, indicates that we could finally have seen the turning point for the markets and, in turn, that we should see a continued appreciation from here on out as markets recover towards the $10,000 mark and beyond.

Nothing is confirmed, of course, and if we fall once again to the $100 billion level, it will again become a key level to keep an eye on as indicative of near-term action, but as far as technical indicators go, this one looks sound.

Let’s see what happens.

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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.


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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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