Why this Bitcoin rally will be different from 2017
Bitcoin prepares for price breakthrough
The main cryptocurrency is growing in price thanks to the activity of investors
MTC already made an important price jump
International consortium news organizations, developing transparency standards.
Bitcoin is on the verge of a breakout
The main cryptocurrency is skyrocketing in value. On Wednesday morning, November 18, the cost bitcoin tested new highs in district $ 18,500. Experts are sure that this is not the limit. However, in this bitcoin rally will be not so, as in 2017 and previous years. The crypto community expects that by the end of the year the cost of military-technical cooperation will reach a level close to $ 20,000. Bloomberg reports.
Events the last months helped spark interest in cryptocurrency. Fidelity Investments has launched a Bitcoin fund. Several famous Wall Street names have bought into this. Public Companies Square Inc. and MicroStrategy Inc. have recently invested billions in this coin dollars. And one of the most notable events for the crypto community was the addition of cryptocurrencies to the PayPal payment system.
Matt Maley of Miller Tabak + Co. notes that institutional investors have become more pay attention crypto market and bitcoin. Topics however, the risk of a collapse in the market remains, so more, that retail investors are all yet prefer to hold on. Many were burned by the fall of bitcoin in 2018 and Now as careful as possible.
Besides Togo, bitcoin has become more susceptible to external factors. For example, the price of a cryptocurrency plummeted immediately after the announcement Russia on the creation of a vaccine against coronavirus, as well as during the announcement of the results of the presidential elections in USA.
At the same time, home cryptocurrency showed impetuous growth after institutional investors made large purchases coins, and also every time the US Federal Reserve issued another batch of dollars. Saving their assets from inflation, investors urgently transferred money into cryptocurrencies, pushing the price MTC up.
“Bitcoin gets attention when traditional markets are down and the global economy is sinking. We see that activity investors on market cryptocurrency increased during the exacerbation of the epidemic. But news about the advent of the vaccine led to lower prices, “said Bryce Doty, portfolio manager at Sit Fixed Income Advisors.
Social media keep calm
Experts also argue that the cost of military-technical cooperation is influenced by the activity of users of social networks, in particular, Twitter and Facebook. 2019 of the year Facebook announced preparations for the release digital currency Libra. Project social network instantly attracted attention… More.
Guy Hirsch, US Managing Director at Brokerage company eToro, tracks some unconventional index sentiment: general quantity tweets, in which Bitcoin is mentioned daily. At the height of the crypto boom, about 120,000 tweets about Bitcoin appeared daily. Now this number fluctuates between 30 000 and 60,000, according to eToro data and The Tie.
“This trend is clearly different for a number of reasons. It is less speculative and less impetuous. Generally speaking, we are very optimistic about to that, what’s happening”, – stated is he.
More likely Total, activity of users of social networks can accelerate price growth. but Today one of the largest social networks Facebook blocks any mentions and hashtags related to bitcoin. So way Facebook management is trying to protect users from fraud associated with cryptocurrencies, since exactly Twitter and Facebook became the main tools of crypto scammers.
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