Bitcoin is Fundamentally Healthier Than Ever, BTC Price Could Follow
Over the past week, Bitcoin (BTC) has shed 6.5%, falling to $9,500 from its former support of $10,000. Despite this downward price action, the fundamentals of the cryptocurrency continue to swell, pointing towards a potential rebound in the coming weeks and months.
Related Reading: Bitcoin Bull Jack Dorsey’s Twitter Hack Is a Wakeup Call for Crypto Security
Bitcoin Extremely Strong as a Network
According to data from CoinMetrics, Bitcoin remains strong as a network — price aside. In a recent tweet, Vortex, a prominent industry commentator, laid out three key metrics from CoinMetrics that only accentuates how price, on short-term time frames, shouldn’t be used as a way to gauge Bitcoin’s success.
Firstly, Bitcoin’s realized market capitalization, which is calculated by multiplying the price of each Bitcoin when it was last transacted by the transaction size, has passed the $100 billion milestone for the first time ever, cementing the cryptocurrency as a bonafide asset.
Bitcoin Risks Drop to $8.7K as Accurate Fractal Flashes Sell-off Sentiment
Monday February 24, 2020
Bitcoin is risking massive price declines below $9,000 as a historically accurate fractal indicates traders’ sell-off sentiment. The benchmark cryptocurrency’s tendency to retest the $8,750 level increased after it confirmed a bullish reversal pattern...
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#Bitcoin is extremely healthy right now:
-Surpassed $100b realized market cap-Mining revenue surpassing $14b-Mining Hashpower hitting new ATHs
Source: @coinmetrics pic.twitter.com/tGfBp8NAyK
— Vortex (@theonevortex) August 31, 2019
Ethereum Eyes Downside Thrust Before A Strong Upsurge
Tuesday February 25, 2020
Ethereum is currently declining and trading below $270 levels against the US Dollar. ETH price could dive towards the $255 support area before it starts a fresh upward move. Ethereum struggled to climb above...
The post Ethereum Eyes Downside Thrust Before A Strong Upsurge appeared first on 12bitplay - Bitcoin Play.
Secondly, Bitcoin miners’ aggregate revenue has surpassed $14 billion, meaning that over the crypto’s lifetime, its miners have made some $14 billion just for securing the network.
And lastly, mining hashpower has continued to set fresh all-time highs, in spite of the recent drawdown in the markets.
As reported by NewsBTC previously, the fact that miners continue to siphon capital and effort to secure the network shows that they are “extremely bullish”, especially with a halving in block rewards expected to activate in mid-2020.
Related Reading: Altcoin Season on the Horizon? Bitcoin Dominance Hits Historical Reversal Point
Not only are the Bitcoin network’s metrics indicating strength, but so is the macroeconomic and geopolitical backdrop.
As NewsBTC has detailed extensively over previous reports, the world isn’t in the best place at the moment. There is currently a raging trade spat between the U.S. and China (and Japan and South Korea), there are demonstrations in key cities across the globe over certain policies, analysts across the board are charting a recession, central banks continue to inject fiat into the economy, authoritarianism continues to gain popularity, and so and so forth.
Analysts say that this backdrop, harrowing as it may be, will only show that Bitcoin is needed. Travis Kling, a former Wall Street investor, said the following on the matter of central banks and America’s economic situation:
“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row… Central banks and governments are proving the profound need [for Bitcoin].”
Featured Image from Shutterstock
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These 3 Technical Factors Suggest Ethereum Will Soon Jump Higher, Pass $300
Sunday February 23, 2020
Like most other cryptocurrencies, Ethereum hasn’t had the best past few days. The second-largest cryptocurrency fell off a cliff on Wednesday, plunging from a price just shy of $290 to a price as low...
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