ETH

Bitcoin will retain its leadership in cryptocurrency …

Navigation

Cryptocurrency Will Make Millionaires in 2021 | Get Rich with Crypto [HISTORY IS REPEATING]

Bitcoin will retain its leadership in cryptocurrency ...

Bitcoin will retain leadership in cryptocurrency markets in 2020
CONTENT

  • Bitcoin will retain its dominant position in the market

  • Positive on-chain metrics and efficient mining will help him maintain leadership

  • Bitcoin can still be considered a defensive asset

International consortium of news organizations developing transparency standards.

Digital asset markets began to recover this month, led by bitcoin, as they did during previous recovery periods. Analysts believe that this trend will continue, and BTC will remain the leader in the cryptocurrency market..

Bitcoin (BTC) is up nearly 14% this month, returning to price levels recorded at the beginning of the year. Cryptocurrencies are recovering faster than traditional assets such as stocks, with industry research suggesting this trend will continue into the future.

Bitcoin reigns

Bitcoin will retain its leadership in cryptocurrency ...

Ethereum (ETH) has taken the lead this week, while Litecoin (LTC) has led previous rallies, but researchers at Blockchain.com expect Bitcoin to continue to determine the overall price action of the cryptocurrency market..

In its latest newsletter, the exchange said cryptocurrency markets have recovered from the mid-March crash. In addition, the dominance of bitcoin, which currently stands at 65.2% according to Tradingview.com, will continue to increase throughout the coming year..

(5/5) We anticipate bitcoin (BTC) to continue to drive the overall price action in crypto.

– Blockchain.com (@blockchain) April 7, 2020

According to the study, the positive indicators within the network are due precisely to this, while the hash rate has already begun to recover thanks to the growth of bitcoin and the decrease in complexity. The hashrate has already crossed the 100 EH / s mark, which is not so far from the record highs.

The study also suggests that less efficient miners may have to sell bitcoins due to price declines and halving that occurs 35 days later. This will have a positive impact on stronger miners as they will not need to liquidate their assets, which will reduce the downward pressure on prices..

Other indicators such as hash ribbons also signal the end of the miners’ surrender. It is possible that investors who havetily get rid of assets when their value falls have already turned off their equipment in anticipation of a recovery in prices..

With future advances, Bitcoin will be able to solidify itself as a digital gold and macro hedging instrument. The improvement in blockchain technology, compared to other digital assets and fiat counterparts, will also contribute to the dominance of this asset in the coming year..

Still a refuge

The report said March was one of the most turbulent months in the history of financial markets. Nevertheless, bitcoin outpaced stocks, although it lagged behind gold, which remains the main defensive asset..

Bitcoin will retain its leadership in cryptocurrency ...

According to well-known Twitter analyst Willie Wu, bitcoin still retains its protective functions. As evidence, he provides a comparative logarithmic graph of the growth of Bitcoin and other assets over the past ten years..

And they told me Bitcoin was a risky volatile asset …

(Plotted in log charts so% gains / losses are proportional within each respective sparkline) pic.twitter.com/qxC1xF8cay

– Willy Woo (@woonomic) April 7, 2020

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles