The short-lived Bitcoin correction is over, the crypto king is back in the five digit range. Bitcoin has reached a new high for the Year – but what is different this time?
The total capitalization of the crypto market is approaching 300 billion dollars, the highest level in half a year. The last Time the total capitalization has exceeded in August 2019, the 300-billion-Dollar-limit – when things were decidedly bearish.
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Bitcoin is recovering
According to the Charts of Tradingview.com BTC has closed in the last few hours at 10.400 dollars – the highest price this year.
The two-day retreat, prices have fallen to little over 9.700 Dollar, but since then the asset has gained value over 6%, and could reach the current level of about 10.350 dollars. Bitcoins next resistance mark at about $10.750, what is according to the recent market momentum likely to.
In a recent CNBC will be asked to Interview analysts, whether this time something was different. The question refers to the rally in the year 2017, when the prices rise to $ 20,000, and in the following year, under 4,000 dollars broke.
An Analyst explains that many of the weaker players have been shaken off. In addition, the institutional integration would be more advanced, and the Central banks around the world doing research now to currencies on your own crypto.
Also the “Safe haven”Theory is mentioned, in addition, it comes again to a comparison of Bitcoin and Gold. Also, the price of gold is on the Charts, according to a new High of about $1.570/oz.
Came back to the bankers it is to this poignant assessment of the Situation:
“In a world in which the stumble Central bankers over themselves to devalue their currency, the Bitcoin.”
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Bitcoin: a new Situation
The last Time BTC has risen to new heights, it was quite different – it was not the economic pressure that prevails today, and other secure investments is not reflected in their performance.
Global events such as geopolitical tensions and the outbreak of the Coronavirus have the idea that Bitcoin is in times of Need is an important Asset, yet reinforced.
It is unlikely that the situation in relation to the money manipulation by the Central Bank will improve in the foreseeable future – and this increases the attractiveness of decentralized digital assets even further.
We also take into account the approaching half of the associated impacts on supply and demand and the increase in the Google search and the public interest, as a fuel for a further course results in plenty of rally.