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Bitcoin [BTC] is a highly volatile asset but it continues to strengthen over time, says Pomp

Priya

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Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency by market cap, has been through a roller coaster ride for over a year. The coin that led the bull run in late 2017 witnessed a fall of over 80 percent last year, thereby resulting in the doom of other coins in the market as well. Nevertheless, this year seems to be in favor of the coin, with some influencers claiming the coin already reached its bottom.

More so, the coin reached its highest point in the last five months as it breached the $5,500 mark earlier today. According to CoinMarketCap, at press time, Bitcoin was trading at $5600.93 with a significant rise of over 9 percent in the past seven days.

Anthony Pompliano aka Pomp, the co-founder and Partner at Morgan Creek, spoke about the coin’s upward trend in a blog post titled ‘Bitcoin fundamentals continue to strengthen’. He said on Twitter,

“Bitcoin’s fundamentals continue to strengthen. Don’t be distracted by the noise. Those with the greatest discipline and patience will be rewarded handsomely.”

This was followed by the Bitcoin proponent remarking that the price of the largest cryptocurrency was up by almost 50 percent since the beginning of this year. He stated that the focus should be on the “underlying fundamentals of the transaction settlement network” rather than its volatility.

He further listed down the fundamentals of the currency, which included the total coins in circulation, hash rate, mining revenue, cost per transaction, confirmed transaction, Bitcoin wallets, and its computing power. In terms of the coins in circulation, the influencer commented that there were already 17,700,000 coins, considering that only 21,000,000 would ever be in circulation.

Pomp also stated that Bitcoin’s hash rate witnessed a significant rise of over 10x over the last two years, adding to the network’s security. While the miner’s daily revenue has also seen a prominent rise of around 3.5x, compared to the previous two years.



The blog post stated,

“The cost per transaction has more than doubled in the last two years, but has fallen more than 60% over the last 12 months […] The number of transactions per day on the Bitcoin blockchain have increased over 70% in the last two years […] The total number of Bitcoin blockchain wallets has increased over 2.5x in the last two years.”

Source: offthechain

Source: offthechain

He said,

“Bitcoin is a highly volatile asset. It is misunderstood by many. But one thing is certain, the digitally native currency continues to strengthen over time. As with anything important in life, the maturation and mass adoption of Bitcoin will take time.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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