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Bitcoin in 2019: Solid reasons for a sharp rise in BTC price.

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Even though the price of bitcoin has dropped sharply, the overall blockchain and cryptocurrency adoption have seen a significant rise.

In 2017 we saw tremendous growth in both the price of bitcoin and the investment in initial coin offerings in the crypto space. This year, even though the price of bitcoin and the investment in initial coin offerings both have dropped sharply, the overall blockchain and cryptocurrency adoption have seen a significant rise.

There are a lot of points which prove that 2019 will be quite beneficial for bitcoin as well the cryptocurrency space as a whole.

 

1. Institutional Adoption:

We are already witnessing a lot of institutional agencies getting involved in the cryptocurrency space.

A. The launch of Bakkt, an open source bitcoin futures exchange which is backed by the Intercontinental Exchange which also backs the New York Stock Exchange is set to launch in early 2019. Even before the launch, Bakkt has partnerships with huge players such as Microsoft and Starbucks. Although, Bakkt was scheduled to launch in 2018 however, the launch has been delayed two times by the company as to set a perfect time for the launch.

B. Fidelity, a multinational financial services corporation which has an estimate of over $2.5 trillion in assets as of March 2018 had launched the Fidelity Digital Assets in October this year which has resulted in a massive increase in the demand for bitcoin and ethereum by institutional investors. Also the head of the corporation, Mr. Tom Jessop is all set to launch a new startup which would consider other top cryptocurrencies. The startup will be called FDAS or Fidelity Digital Assets Services. Tom believes that cryptocurrencies will see a massive surge in 2019.

C. Big institutional players such as Morgan Stanley believes that cryptocurrency is a new asset class and the institutional investment is surely on a rise. The recently launched Bitcoin ETP in Switzerland has recorded a high volume in terms of institutional investors buying the dip. Apart from this, Nasdaq, the second largest stock market in the world has recently announced the listing of Bitcoin Futures very soon.

D. The final hearing for the VanEck Bitcoin ETF is scheduled for 27th February 2019 when the SEC has to give its final decision on the approval or disapproval of the same. People are hoping that this time maybe the SEC will approve the first Bitcoin ETF.

 

2. Development in Bitcoin, Ethereum and others coming up:

Bitcoin and Ethereum have a lot of developments scheduled for the upcoming year.

Bitcoin:

The lightning network is obviously in everyone’s mind when it comes to the development of bitcoin as due to being decentralized in nature, bitcoin is far away from competing with other payment gateways such as Visa and Mastercard. Currently, the bitcoin blockchain can only handle around 7 transactions per second while Visa handles around 24,000 transactions per second. The lightning network will massively increase the transaction speed of bitcoin blockchain.

Ethereum:

The Constantinople update in on the head and is scheduled to occur in January 2019. Constantinople will significantly improve the scalability of the Ethereum network which is one of the major drawbacks currently. Apart from this the update will also improve the processing time for developers and improve the Ethereum Network’s economics. Apart from Constantinople, Serenity, which is another big update is also scheduled for 2019.

 

3. Security Token Offerings (STO):

STO or Security Token Offerings might be the next largest thing in the world of cryptocurrencies. Just as the ICO boom last year, the upcoming year is being predicted to bring in massive amount of investment in the STO market. STOs are quite different from ICOs or Initial Coin Offerings as in a security token offering, the tokens represent the stake in the company. So, the investors in an STO would get a percentage of Stake in that particular company in accordance to his investment amount. STOs will surely attract much more investors that ICOs as most of the initial coin offerings last year were worthless or the tokens did not actually have a significant role.

 

4. Bitcoin Halvening in 2020:

The next Bitcoin halvening is scheduled to happen in May 2020. Bitcoin Halvening will result in the mining rewards being cut in half which prevents hyperinflation. Thus as the mining cost will increase, the price of bitcoin is likely to increase. In the past, the Bitcoin Halvenings which occurred in 2012 and 2016 both saw a new all-time high in the price of bitcoin and the same is being predicted for 2020 as well. Analysts predict that the price of bitcoin will likely start rising massively at least 6 to 8 months before halvening actually happens.

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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#Bitcoin

Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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#Bitcoin

Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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