Bitcoin (BTC) is currently enjoying support levels around the $8,800 value. However, the King of Crypto is having a hard time rising above $9,300 and seems like this is the new resistance level. BTC is currently trading at $9,155 at the moment of writing this. This level has since allowed the rest of the market to recover from the dip experienced yesterday during the International Labor Day.
Using data from the rally we witnessed in December of last year, a confident Bull run by Bitcoin (BTC) will be confirmed when the King of Crypto reaches the levels of around $12,000. This was the value reached by BTC on 3rd December 2017. What then proceeded is that BTC reached the record breaking peak value of $19,974 on the 17th of December. This bull run by Bitcoin lasted exactly 2 weeks but was then followed by the now infamous decline in the markets that has seen BTC bottoming out around the levels of $6,500 on April 1st.
This then brings into question whether the crypto-markets really need the fast growth everyone is wishing for.
For the volume of the entire market to maintain its levels, the total market cap has to rise at a steady level. Currently, the total market is valued at $426.143 Billion and has been oscillating around this value with little deviation for the past week.
The Crypto-market needs to first build investor confidence by maintaining good levels and having low volatility. The new investors will not only come from Wallstreet, but from the regular global citizen out there who wants to be part of something revolutionary.
The problem with traditional investing is that it is no longer accessible to someone with $100 to spare at the end of the month. That individual would rather spend it going out to have a good time. With cryptocurrencies, that $100 can be used to buy a bunch of coins and tokens and thus instill a sense of ownership for the crypto owner. The same $100 can still buy a fraction of a BTC and make the owner very happy while it rests in his digital wallet.
The main vision of Satoshi Nakamoto was for the financial power to be transferred back to the regular guys like you and I: away from the banks and big financial institutions. Peer to peer transactions was what Bitcoin was founded on and should be the reason its value should go up. Not through big firm investments.
[Photo source, steemit.com]
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