Bitcoin is more than the Monetary AspectsDecember 23, 2019
CZ, when commenting about his expectations for the Bitcoin industry, stated that the Blockchain industry would do more than the internet. The industry will grow, and the prices will increase as well. He further noted that Binance Coin would grow as well.
When talking about 2020 for Bitcoin, he stated, “We also see an increasing amount of interest from institutional players, which also indicates a more bullish market in 2020.”
BITCOIN INCREASED BY 6%
Forbes reports a pre-Christmas boost for Bitcoin. Over the last 24 hours, Bitcoin has increased by 6% touching $7,600. The price closes double its value than it began with this year. Over the past few months, the giant token has been tracking a downtrend. Thus, losing 50% of its summer highs.
There has been no apparent reason for the current price rally of Bitcoin. Some analysts call it the Santa rally calling it the last minute run-up during Christmas. The price hike of Bitcoin has influenced the price action of several other Altcoins like Ethereum, Ripple, Bitcoin Cash, Litecoin, and EOS with an increase in price action ranging from 2% to 5%. The overall market cap is at $200 billion.
During June 2019, the price of the Bitcoin touched $14,000. Later the price went down by 50%, the bulls were taking the profit, and there has been pressure due to the overextended market.
The price of the Bitcoin went down as low as $6,500 before catching up on sudden price recovery. The forthcoming Bitcoin halving is in May 2020. The potential catalysts contribute to new institutional investors, thereby increasing adoption.
BITCOIN MORE THAN MONETARY
Bitcoin is more than the monetary aspects. In the forthcoming years through evolution, Bitcoin through the lightning network improves on user experience. In combination with Lightning Labs and other kinds of development firms, liquidity management is going to get a lot manageable.
Bitcoin has made giant strides, and investors are looking towards what the forthcoming years are to bring. Ranging from payment providers through wallet node software infrastructure enabled by Lightning structure is all set to improve. Bitfinex and several other exchanges will be adding support, providing for the second layer scaling solution. And several service providers will follow suit. If they do not, they will become obsolete.
Andy Bromberg argued, “We are seeing a level of the building that has happened in 2019 [which makes it feel like] we’re in the moment of everyone is putting on their jumpsuits, ready to take off.”