That figure of $63.5 billion represents 54.7% of the entire cryptocurrency market, making Bitcoin the number one cryptocurrency by a significant margin
many people who are concerned that the current bear market, and the recent overall drops in the trading price of Bitcoin may indicate near-term collapse, are unaware of what is going on largely behind the scenes, at OTC trading desks that trade large dollar volumes of Bitcoin outside of the retail exchange markets. "Circle’s chief executive, Jeremy Allaire, told Business Insider that Bitcoin trading at the firm’s over-the-counter (OTC) trading desk is heating up, causing the Goldman Sachs-funded company to double the size of its minimum cryptocurrency trade requirements from $250,000 to $500,000 — citing the fact that “the market is robust.”
All it will take for this downward trend to reverse is some good news coming out, especially if it’s on the regulatory front. If big-name investors start entering the space, watch out. We’re going to see the price of bitcoin skyrocket. We expect by mid-late 2019 that we will see bitcoin double the price of today, and that’s being conservative.
Even if bitcoin breaks through the $5,800ish area of support and goes to $3,000 or $4,000 I’d still think that by mid-2019 we’ll see $12,000 bitcoinBut yes, right now bitcoin’s chart looks very grim. It’s putting in consecutive lower highs and looks like it may test and even push through the key $5,800-$6,000 support level. There are ways to take advantage of this and make some money.
Bitcoin doesn’t actually HAVE to go up. The thing is, awareness of Bitcoin has only increased over the years. For it to rise significantly, you’d need a substantially larger batch of people putting money into it than you had previously. 2017 was..honestly, that was Tether. For Tether to be a real thing and not made up—imagine you want to buy Bitcoin.
Would you just..buy Bitcoin, or would you go somehow wire transfer exactly $50 million to a company without access to US banking, and then, the day after, immediately spend all of it on Bitcoin in a manner that causes the price to jack, instead of slowly accumulating over a week or month? Right. So, we had a bunch of new money coming in while fake money greased the wheels. Glad we’re clear on that.
But, On the negative side, Bitcoin is going to be facing a serious problem in terms of the increasing amount of energy it takes to mine the remaining blocks into existence. This will have to be addressed at some point in the not too distant future. At the moment this can seems to be getting kicked further down the road.
Conclusion: This is just a healthy correction from previous all-time highs. If you layer the trading chart from 2013–2015 onto the one from today, the price action looks identical. It’s painful to see a 75% correction from previous highs this year, but that doesn’t mean bitcoin is dead. For all its technical faults like the low transaction per second limit and slow transaction time, bitcoin is basically the brand of cryptocurrency. There are still tons of people who don’t know what cryptocurrency is, but when you say “bitcoin” they go “oh yeah I’ve heard of that”.