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Why Bitcoin Is Still The Leading Cryptocurrency When It Comes To Cryptocurrency Trading

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Why Bitcoin Is Still The Leading Cryptocurrency When It Comes To Cryptocurrency Trading

The original and most widely used cryptocurrency known as Bitcoin was designed by an unknown group of persons with the name Satoshi Nakamoto in the late 2008 and was released as an open-source in 2009. It was the first cryptocurrency and still the most important cryptocurrency to date. It was never their intention to invent a currency, Satoshi Nakamoto said it was a peer-to-peer Electronic Cash which was a reward for a process known as mining.

Bitcoin is legal in the United States and is used for the exchange of goods and service online only. The now-defunct ‘BitcoinMarket’ was the first Bitcoin exchange operation software designed by Laszlo Hanyecz which was used for the first real-world transaction in relation to Bitcoin.

As Bitcoin Grows with time, other Cryptocurrencies (such as Ethereum, Litecoin, XRP, Bitcoin Cash, Ethereum Classic, Neo etc.) also emerges. But the question is what makes Bitcoin so special. On 16 March 2019. Most of the top 10 cryptocurrencies were seen with a significant growth but the price of Bitcoin was $4,007.64 indicating a +2.24% gain followed by Bitcoin cash with $153.21 with +7.92% gain at the market visualization from Coin360 data.

From the Bitcoin price market, Bitcoin has 2.02% increased by the day, trading around $4,007.64 and ranked number one compared to other cryptocurrencies followed by Bitcoin cash, Ethereum, Bitcoin SV, Litecoin etc. Bitcoin is still trading with a huge marginal range with yesterday’s change around +34.25 USD (+0.87) with a volume of $9,394,210,605 USD on 16th March 2018.

Ethereum still remains the second largest cryptocurrency by the market cap with a 2.69% increase change for the last 24hrs which is trading $4.824.588.620. On 16th March, 2018 the top 5 cryptocurrencies in terms of market Cap gains were Bitcoin (BTC) with $71,052,019,751 gain, followed by Ethereum (ETH) with $14,910,045,963 gain, Ripple (XRP) with $13,233,722,564 gain, Litecoin (LTC) with $374737272 gain and EOS with $3,464,139,773. With Bitcoin still maintaining the leading cryptocurrency trading.

Aside bitcoin been an electronic currency, it’s a blockchain which validates the account. Its blockchain is a public hardware wallet which is used to record most of its transactions. It makes it difficult to hack because it is supported by the blockchain technology/algorithm. Bitcoin is constantly reviewed by bitcoin users which makes it difficult to hack. Unlike other cryptocurrencies like Ethereum, which is a ledger technology that companies use to build a new program, bitcoin is different and aim at a specific case. People have the mindset that Ethereum will overtake bitcoin one day as the dominant coin in the cryptocurrency industry, which might be true someday, I guess.

On like other cryptocurrencies, the value of bitcoin depends on the demand and supply intensity. Bitcoin has more value compared to other cryptocurrencies because it is used as a form of money electronically, that is to say, it uses mathematics and all that is required to hold its value is adoption and trust. In this case, bitcoin can be measured by the number of users, startups, and merchant and since it has the largest users it remains the leading cryptocurrency when it comes to cryptocurrency trading.

Bitcoin

Bitcoin Heading to $100,000 as FOMO Yet to Start at $11,000

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As Bitcoin breaches $10,000 and crosses straight to $11,000, analysts anticipated a major FOMO that would create panic and thus attract more buyers. However, there seems to be no reaction from the public on Bitcoin’s triumph on the long-awaited $10,000. This has left the cryptocurrency community wondering what is going on. Well, The Crypto King has an answer.

In a tweet earlier today, the blockchain entrepreneur said Bitcoin will be moving straight to $100k because if at the current price no FOMO has started then the asset has a long way to go. Also, the fact that no extreme media announcements and headlines on the price are an indication that it has not been noticed yet and could be going much higher

According to The Crypto King, this is good for Bitcoin as it leaves more room for additional development, adoption, regulations and institutional money to flow into the market while it grows to $100k. Interestingly, he is not the only one having this conviction on the future of Bitcoin in 2019.

Veteran trader Peter Brandt is also convinced that Bitcoin is going to $100,000. Also in a tweet, Brandt said Bitcoin is experiencing its fourth phase since 2010, saying only Bitcoin has gone parabolic on a log chart in this manner in his trading career. As far as he is concerned, Bitcoin is the best market ever.

Keiser Report host Max Keiser has also been confident that Bitcoin would go to $100,000. He predicted this price in 2011 and has not gone back on his word since then despite the rough ride Bitcoin has been through. It seems Keiser finally has witnesses in the house who see things as he does.

If Bitcoin is actually going to $100k then only 10% of the journey has been covered and there is a long way to go for those who haven’t gotten in the train to do so. It is currently on a slight pullback but a trader says it is normal and expected so there is no cause for alarm.

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Huge Dump in Bitcoin’s Price May Not be Evident Again

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Veteran Venture Capitalist Predicts Bitcoin Will Fall to $0-$500 And Eventually Be Replaced

Bitcoin has exhibited a pattern in the past which can be said to be booms and busts in its price. There have also been similarities between the percentage of increment and decrement between certain years.

However, Bitcoin may not decline by 85 percent as is evident in the past, reports Bloomberg on June 13, 2019.

Similarities in Bitcoin’s Performance in the Past

Per the report, Bitcoin surged from $0 in 2009 to almost $150 in 2013 but later dumped 60 percent in price only to rebound to $1,150. In 2015, it declined by 85 percent to $175 which is considerably higher than its price in 2013. Similarly, it surged to $20,000 in late 2017 only to dump by over 85 percent in December 2018.

Therefore, if one considers the pattern, they can expect a sharp rise in the virtual asset’s price between $60,000 to $400,000 before it also dumps by 85 percent. While that may sound pessimistic, there are reasons to believe that the spike and sudden crash in price will not be the case this time around. So far, Bitcoin is currently trading at $8,600 and its year-to-date high is $9100.

Reasons Bust Percentage May be Lower

On the other hand, the previous performance might not be evident since Bitcoin’s market cap is not $152 billion which is larger than its $1 billion and $3 billion market cap in 2013 and 2015 respectively. Moreover, more people have ventured into space as well as companies. An instance is the case of JP Morgan who launched its own cryptocurrency.

Nonetheless, crashes can still be expected since volatility is prevalent even in crypto assets that have no value. However, they may not be as significant as in the past where the dump amounted to 80 percent. What can be expected, is something around 20 percent or less.

Bitcoin’s Options Market

While throwing more light on what may have led to its conclusion, Bloomberg made reference to the Bitcoin options market. According to the media, when cryptocurrencies prices in late 2017 were similar to what’s happening today, the $10,000 one-month Bitcoin calls had an active trading and implied volatility of 300 percent.

The latter meant paying $2,200 just for the right to buy Bitcoin at $10,000 when its price is $8,000. Another factor that was a consideration is the correlation between Bitcoin and the S&P 500 Index.

Generally, crypto assets correlate with the index due to their performance in good economic times with support for innovation and inexpensive capital.

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