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Bitcoin [BTC] as stable as a rock!

Aman Swami

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Bitcoin[BTC] as stable as a rock!
Source: Wikimedia Commons

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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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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