Bitcoin taking a very neutral course when it comes to market performance. Bitcoin has experienced close to 0% gain in the last 7-day average. It has been very unstable in the range of -2% to +2% today. It keeps dropping and increasing between this range.
Bitcoin, which recently was very close to crossing the $10000 mark is now seeing a very neutral growth rate. It surges at 0.77% in the last 24 hours at the time of writing.
The price has been more or less the same throughout the day, it has surged and declined with a difference of 100 odd dollars. Ranging between, $9250 and $9350, the price has taken a hit since May 6th and since that day has declined by around $600.
The current 7-day average hangs in a balance because of the surge Bitcoin experienced in the first 3 days of the week and the decline it experienced in the last 4 days. Both the surge and the decline are complementing each other really well to keep the 7-day average close to 0. Even in the last 1 hour, Bitcoin has surged only by 0.12% but it is the first time in the day that Bitcoin witnessed green numbers next to its name on the 1 hour scale, 24 hour scale and 7 day scale at the same time.
As far as today is concerned, Bitcoin seems like a very stable cryptocurrency. It has not seen breathtaking surges or declines. Many Bitcoin followers have come compared today’s performance to that of a traditional market security.
George Kennedy tweeted:
“Oh my God! The future is here, Bitcoin is stable, this stability allows it to enter the mainstream so Fuck the people who said its instability will never allow it to be a mainstream currency.”
Many experts believe that a fall back to $9000 or below is highly possible despite the neutral performance given the bearish market. Other cryptocurrencies have suffered quite a bit from this bearish market but the biggest hit was taken by optimists who believed that Bitcoin would cross $10000 and now a likelihood of the speculation of it falling back to $9000 coming true will leave these optimists flabbergasted.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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