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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

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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