The recent market sentiment towards cryptocurrency has been optimistic as virtual assets have collectively witnessed major surges since the start of 2019. The situation before the start of 2019 was considered the “longest crypto-winter” since the inception of Bitcoin, as the market suffered a devaluation of almost 90 percent in price.
However, the price soon rebounded, and Bitcoin was again one of the leading assets in 2019 and outperformed the likes of S&P 500 and traditional commodities like Gold.
Now, Erik Finman, the famous teenage crypto-millionaire, who previously had proclaimed that Bitcoin was “dead”, is in the news after he claimed that he and the crypto-community could collectively come together and “resurrect” Bitcoin’s prices back to its height of $20,000.
Erik Finman stated that one of the major reasons why crypto-assets were substantially pumping was the involvement of major organizations in the cryptospace. With the likes of Facebook launching their own Libra coin and U.S presidential candidates promoting Bitcoin, the market has witnessed consistent growth.
Erik Finman said,
“2019 is the new 2017 for bitcoin and cryptocurrency. Cryptocurrency is hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge.”
Finman suggested that to improve the adoption rate of Bitcoin among a wide range of users, the network needs to lower transaction fees and speed up transactions. He emphasized that it was important to remain “competitive in a crypto-crowded ecosystem.”
“People who live and breath bitcoin, working closely with others who are in the same positions as themselves, can sometimes forget that they need to on-ramp new people who aren’t yet into crypto.”
Finman also opined that WHEN token was the next big thing in the world of virtual assets. The cryptocurrency is based out of WhenHub, an organization that encourages content creators to grow in an ecosystem where experts and learners are able to pay each other through WHEN tokens, instead of actual cash.
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Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit
Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.
The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.
The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,
“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”
The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.
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