Bitcoin has been the most talked-about investment asset these days in the world where countries are approaching towards complete digitalization. Moreover, the ongoing Coronavirus Pandemic has amplified the need for the hour and has wholly modified the modern-day investment options, including Bitcoin and cryptocurrencies. Today, there are approximately over 7,600 digital cryptocurrencies in the global market comprising of $336 billion market cap wherein Bitcoin dominates the market by over 50%—making it one of the largest crypto with massive MCap.
The banking system and the printing of infinite Dollar Bills have been an identified flaw in the countries’ monetary process. Scouting a way to save, invest, and earn has been synonyms with putting money in Bitcoin and cryptocurrencies. In this regard, Robert Kiyosaki, the author of the best-selling book, “Rich Dad, Poor Dad,” has, in his most recent tweets, tweeted about wealth inequality and cryptos assets will fill the gap and improve the situation for the younger generations.
Moreover, while continuing and drawing an intersection between the current economic condition and banking loss in this Pandemic, the largest banks have lost a considerable amount, and nearly 14 banks have lost a market cap close to 2x the size of the total crypto economy. With an increasing number of financial flaws and losses reported, institutional investors have been upping their Bitcoin and crypto investments. As per the latest update, MicroStrategy has increased his stake in BTC holdings totaling the investment to $425 million with an addition of $175 million worth more Bitcoin.
Moreover, this has even led to an increase in on-exchange transactions, which shows that the network is being used widely by the users. The price has been a significant factor driving the demand and exhibits the platform’s underlying strength. As per the recent update, the cryptocurrency hash rate has been spurring and hitting a fresh All-Time High, showing how strong the Bitcoin Network and BTC’s demand is. With a change in Bitcoin’s price, Ethereum, XRP, and many related cryptos have an influential movement.
The recent price correction of Bitcoin drew a complete bearish crossover when the coin tested supports as low as $10k and continued to consolidate in the lower range until BTC’s price rose to trade in the upper range. Currently, BTC is trading around $10.8k with a comparatively amplified momentum. However, the trading price above $11k looks dicey until the weekend. The volatility remains moderate yet has the moment has affected the significant altcoins too.