Bitcoin

Bitcoin Retains Spark Irrespective of Its Flat Curve

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Bitcoin appears trading sideways as altcoins take the entire limelight of the global crypto market. The altseason, this time, has pushed altcoins such as VeChain, Verge, Dogecoin, Chainlink, Ontology, etc. to greater heights to hit fresh highs and breach the stringent resistances. Although altcoins have been taking over all the attention, Bitcoin is simultaneously in order as the assumptions and wait for the next Bull Run pile up.

Even though BTC is moving in a narrow trading range around $9.2k, the number of addresses holding 0.01+ Bitcoins has just recorded an All-Time High of 8,485,539 after six weeks from the previous high recorded in May 2020. This rightly informs about Bitcoin’s investor behavior, which other than trading emphasizes on HODLing.

Bitcoin and altcoins have been holding strong support throughout the market crash when the entire stock market and commodities market came to a standstill. It was then when investors preferred Bitcoin over stocks. Short selling of stocks led to long buying of Bitcoin and altcoins to elevate the portfolio with calculative risk.

Moreover, just when Bitcoin had hit an ATH of $20k back in December 2017, it held around 50% market dominance then. The reason behind this was, the altcoins were pumping and took over the remaining half of the dominance in the market, followed by Bitcoin spiking and hitting an All-Time High. If we imagine creating a reminiscent of 2017 Bull Run, will Bitcoin replicate the same this year or any soon?

Adding to the fundamentals and giving an answer to the question of how far the next Bull Run is, Glassnode recently gave information about stablecoin supply hitting fresh lows. This indicates increased buying power for Bitcoin, which means a higher capacity of stable coins to purchase BTC leading to a price spike. This really means Bitcoin will spur soon if the history repeats or the fundamentals of the market remain the same.

Bitcoin has been revolving around the traditional financial system to branch out an even developed way of financing and trading. While people scorn about retail Bitcoin adoption, the support of the entire financial system will be trembled if we do not believe in the power of Bitcoin other than believing in investing only. This is where crypto and Bitcoin veteran, Jameson Lopp commented, β€œBitcoin is the Linux of money.”

Moreover, if this is how the market will move, the next few months until year-end will draw an elevated group of networkers to Bitcoin and crypto. Apart from that, If you want to know about BTC Current Price then go & check out our Bitcoin price page.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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