Bitcoin [BTC] as stable as a rock!
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Bitcoin taking a very neutral course when it comes to market performance. Bitcoin has experienced close to 0% gain in the last 7-day average. It has been very unstable in the range of -2% to +2% today. It keeps dropping and increasing between this range.
Bitcoin, which recently was very close to crossing the $10000 mark is now seeing a very neutral growth rate.
It surges at 0.77% in the last 24 hours at the time of writing.
The price has been more or less the same throughout the day, it has surged and declined with a difference of 100 odd dollars.
Ranging between, $9250 and $9350, the price has taken a hit since May 6th and since that day has declined by around $600.
The current 7-day average hangs in a balance because of the surge Bitcoin experienced in the first 3 days of the week and the decline it experienced in the last 4 days. Both the surge and the decline are complementing each other really well to keep the 7-day average close to 0. Even in the last 1 hour, Bitcoin has surged only by 0.12% but it is the first time in the day that Bitcoin witnessed green numbers next to its name on the 1 hour scale, 24 hour scale and 7 day scale at the same time.
As far as today is concerned, Bitcoin seems like a very stable cryptocurrency. It has not seen breathtaking surges or declines. Many Bitcoin followers have come compared today’s performance to that of a traditional market security.
George Kennedy tweeted:
“Oh my God! The future is here, Bitcoin is stable, this stability allows it to enter the mainstream so Fuck the people who said its instability will never allow it to be a mainstream currency.”
Many experts believe that a fall back to $9000 or below is highly possible despite the neutral performance given the bearish market.
Other cryptocurrencies have suffered quite a bit from this bearish market but the biggest hit was taken by optimists who believed that Bitcoin would cross $10000 and now a likelihood of the speculation of it falling back to $9000 coming true will leave these optimists flabbergasted.
Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets. Continue Reading Your email address will not be published. Required fields are marked * Comment Bitcoin [BTC] versus Bitcoin Cash [BCH], the fiery debate continues with insights from Vinny Lingham
Published Aman Swami Source: Wikipedia
Civic CEO popularly known as the Bitcoin Oracle, Vinny Lingham, has weighed in on the Bitcoin versus Bitcoin Cash debate.
Lingham has been involved in the cryptocurrency industry for years and describes himself as an active investor focused on blockchain technology projects.
Lingham’s Civic is an identity verification project which allows users to prove their identity with blockchain technology.
The debate between Bitcoin and Bitcoin Cash advocates has raged since the inception of the ‘Cash’ cryptocurrency during a hard fork in 2017. Proponents of both coins laud their cryptocurrency as the one true Bitcoin, often pointing out the limitations of the opposing technology to substantiate their claims.
One of the major differences between the two blockchains is their approach towards scaling. While Bitcoin opts to implement Segregated Witness and second-layer scaling solutions like the Lightning Network, Bitcoin Cash relies on increased block sizes.
Currently, Bitcoin Cash is a lot cheaper to transfer and use, while Bitcoin is perceived to be more stable and widespread.
Lingham said:
“At the moment, Bitcoin and Bitcoin Cash are focusing on two completely different markets. Bitcoin Cash is most commonly used for fast payments, as a medium of exchange, and Bitcoin is the better suited for store of value, in my opinion”
He added:
“When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold, given the size and velocity of the markets.
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He further said that however there is still uncertainty about the potential adoption of Bitcoin Cash. It remains to be seen if the network effect around Bitcoin Cash can grow faster than Bitcoin’s. The question remains about Bitcoin Cash’s capability to catch up to Bitcoin if it focuses just on payments.
Bitcoin Cash is designed to function as a substitute, and possible replacement, for cash as it offers fungibility and security.
While cryptocurrencies have steadily gained the attention of mainstream consumers, Lingham said there is a long way to go before they could replace cash as a medium of exchange.
He said what we are seeing now is the beginning of a token economy.
Lingham says:
“Blockchain technologies are changing the way the world functions, and I believe this is just the beginning of the token economy. The adoption of the infrastructure, the cost of transactions and network security will be in relation to primary value of the token infrastructure. It will not be pegged to the value of the underlying assets on that network, but rather the activity levels for trading those assets”
He predicted the demand for Ethereum and Bitcoin would rise on fiat-to-crypto exchanges in the short term, leading to possible widespread adoption and utilization of the technology in mainstream applications.
Lingham concluded:
“Given that these token assets can typically only be purchased on exchanges that accept cryptocurrencies like Bitcoin, the demand for Bitcoin and Ethereum will rise at the fiat onramps.
However, it’s not far-fetched to believe that you could one day buy a CoffeeCoin, blockchain-based stock, or Civic token directly via your bank or brokerage account with the token economy’s growth and becomes more mainstream.” .
