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Bitcoin [BTC] will replace gold in terms of value within two decades, claims Block.one’s CEO

Biraajmaan Tamuly

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Bitcoin [BTC] will replace gold in terms of value within two decades, claims CEO of Block.one
Source: Pixabay

Bitcoin [BTC] received another glowing endorsement after Block.one CEO, Brendan Blumer, recently stated that Bitcoin will eventually replace gold as the leading store in value commodity.

Blumer tweeted,

Source: Twitter

Brendan Blumer also stated that Bitcoin would essentially split into a light and dark pool. He claimed that the transactions would be fully identifiable, but would remain anonymous too.

Brendan’s claim received a lot of reaction from social media. A Twitter user named Justin Buck commented on the issue, to which Blumer replied,

Source: Twitter

A Twitter user, @CabSav, recently drew attention to the similarities between the gold’s long term chart and Bitcoin’s ongoing market cycle.

Source: Twitter

The user shared an infographic chart which compared the two commodities, with their graphs appearing fairly identical. Both of them pictured a similar trend where the valuation stabilized prior to a significant final downtrend.



Source: Twitter

Brendan also stated that Bitcoin’s future worth will be determined by its coin-specific history. The claim drew more reactions from users as one Twitter user responded,

“but even though all transactions are public, it doesn’t mean you know where they have been. Does this mean that when Pseudonymous transactions are identified as undesirable, this could affect the value of any given coin because of where it has been?”

To this, Brendan Blumer said,

“The integration of #Bitcoin with the existing financial system that everyone has been waiting for will come soon, but it will come with the cost of privacy. The best private currencies are likely to emerge through secure hardware, not public ledgers.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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