Bitcoin Has Touched Upon $7,154 and – No New Money Came Into the Cryptocurrency MarketMay 12, 2019
The 2019 high of Bitcoin has touched upon $7,154, and this is the beginning of a new bull market. This is a recovery of $28 billion in just a week. Some investors are critical about the specific stimuli of the current situation, and they are wondering if this will sustain in the near-term.
The real-10 volume has more than $1 million in legal volumes. The current value has been initiated without any involvement from the mainstream. Over the past three days, the price hike of the crypto market has been due to the already existing capital in the cryptocurrency market moving into significant crypto assets. No new money has been flowing into the cryptocurrency market.
Bitcoin exerts price dominance in the cryptocurrency market. Ever since its creation, the Bitcoin has ranked the top among all cryptocurrencies. It has continued to dominate despite the coming of several competitors.
Su Zhu, CEO of Three Arrows Capital recently predicted that there is $6 billion in fiat in crypto markets that can be readily allocated to crypto assets. This money is spread across crypto funds, stable coins, exchanges, signatures, silver gate, etc. He states that new money should flow into the market to touch upon the $10,000 mark.
Most of the Altcoins are priced in terms of USD and satoshis, which is the equivalent Bitcoin worth of the cryptocurrency token. Bitcoin exerts more than 50% dominance in the market. Even these people who do not know anything about the cryptocurrency market in depth have heard about the Bitcoin. The newcomers tend to learn a lot of new things about Bitcoin, and they are more familiar with Bitcoin than others.
There are complaints about the transaction speed being slow with the resource-intensive proof-of-work mechanism in place. The core concepts of decentralization and global money are prevalent due to Bitcoin.
Technically, all of the cryptocurrencies in existence have complex goals, and they are not tested. Ethereum continues to be in its experimental stage. There are continual arguments about the use cases of blockchain. Some opine that blockchain will be revolutionary in terms of technology at part with the internet. There are others who opine that blockchain has a reasonably limited use mainly to serve with money transfer. Bitcoin has managed to sustain a market for itself by providing for real-world value.