Current Bitcoin Price Action: Sellers Exhausted at $4,000, “Cautiously Bullish”
Finally, Bitcoin (BTC) jumped $4,000 mark yesterday and the market turned green. Since then, the market has turned slightly red with XRP, EOS, Binance Coin, Stellar, and Trondown less than 1 percent in the past 24-hours.
While Ethereum is in the red by 1.24 percent and Bitcoin Cash by 2.14 percent, Litecoin is in the green by 0.42 percent while Cardano is up by more than 1 percent. This has a total market cap at about $139 billion.
Big BTC Action Incoming In A Week
The leading cryptocurrency is currently trading around $4,026 with 24-hours loss of 0.47 percent as per the data provided by Coinmarketcap, though Bitcoin has slipped from yesterday’s $4.074
Bitcoin price chart, Source: TradingView
While the price saw the daily trading volume hitting well above $10.4 billion, today it has taken a serious drop to $8.4 billion. However, 2019 has been a good year for bitcoin, especially March which as it goes, comes in like a Lion, however, it is to be seen if will go out like a lamb or keep on roaring further higher.
Crypto analyst with pseudonym Income Sharks see a good potential in Bitcoin as the charts paint a “bullish” picture that has him predicting “big BTC action” incoming.
“BTC with some nice momentum but still needs to close above $4,000 today to hold that momentum. All lines on the chart have been drawn for a while now so it’s great to see resistances/supports being respected. Think we are about a week away from some big BTC action.”
$BTC OBV paints a great bullish picture. @Binance and @bitfinex already showing bullish breaks. @Coinbase and @Bitstamp showing things just about to break out. This is why $4k looks different to me than $6k. Buyers were exhausted at $6k, now it's sellers exhausted at $4k. pic.twitter.com/JthyesDqph
— IncomeSharks (@IncomeSharks) March 16, 2019
This has the market analyst and trader Benjamin Blunts sharing his bullish sentiments as well as he said,
“Cautiously bullish. All signs are pointing to up. Whether bottom is in yet I’m not sure however we need to trade what we see, and right now all I’m seeing is bullish.”
Meanwhile, Cryptocurrency Market is Maturing
Cryptocurrency prices are yet to see a definite direction as some analysts expect Bitcoin to take a downward shift while some are expecting a bullish momentum ahead. However, when it comes to the overall crypto space, the market is actually maturing.
Bitcoin enthusiast and Crypto-economist, Yaniv Feldman, in the latest Medium post shared three signs that indicate that the crypto market has hit
Tether’s latest announcement that it is not one hundred percent backed by USD but may also include “other assets and receivables from loans,” is one such sign. The author focuses on the positive side of the story that is Tether becoming more transparent and pursuing new revenue stream which is
Now, the delisting of Bitcoin futures by Cboe that has been apparently due to lack of trading volume that might “appears as a negative sign for lack of institutional interest,” but if we take a look at the record volume registered by CME, it paints a completely different picture. The fact that “law of competition” is working indicates, the market is maturing.
Lastly, Bittrex has scraped its IEO while owing the fact that their due-diligence process wasn’t as good as they thought, a move unlikely to be seen
“in the good old days of the ICO fever.”
Brendan Blumber Says Bitcoin Will be Replacing Gold as a Store of Value
There are many experts and individuals that believe that Bitcoin (BTC) is going to be replacing gold in the future. Indeed, Bitcoin shares many characteristics as gold, including its limited supply, among other things. This time, EOS co-founder and CEO, Brendan Blumer, said on the popular social network Twitter, that he thinks that Bitcoin will be the world’s number one commodity to store value.
EOS Founder: Bold Bitcoin Prediction to Dethrone Gold Within the Next Two Decades for Storing Value
Bitcoin is the most valuable digital asset in the market. It has been growing over the last ten years and it has reached a large part of the population. However, there is still a lot of room for it to keep growing.
Brendan Blumer, the co-founder of EOS (EOS), said that over the next two decades, Bitcoin will be replacing gold as the leading commodity to store value.
— Brendan Blumer (@BrendanBlumer) March 17, 2019
It is worth mentioning that Bitcoin has a market capitalization of $7 trillion. Meanwhile, Bitcoin has a market capitalization of $71 billion at the time of writing. Thus, Bitcoin would have to grow 9759% if it wants to reach that valuation. That means that each Bitcoin would be worth over $333,333, which is massive.
Most of the activity will flow to scalable layer-two solutions, but Bitcoin’s awareness and liquidity will continue to compound
— Brendan Blumer (@BrendanBlumer) March 17, 2019
Until now, Bitcoin reached its all-time high in December 2017, when each BTC was worth $20,000. There will never be more than 21 million BTC issued in the market, which means that if there is a growing demand for the asset, its price should definitely grow. Blumer has also explained that most of the activity in the Bitcoin network will pass through layer-two scaling solutions, such as the Lightning Network (LN).
The Lightning Network has just reached a new record with a capacity of 1060 BTC after a year of being released, according to 1ml.
There are other things that are worth mentioning about different digital assets. For example, the cryptocurrency exchange Bitstamp has released an overview of Ripple gateways and IOUs. This would allow business to create and send tokens that are redeemable for fungible assets, including fiat currencies, precious metals or commodities such as oil.
— Bitstamp (@Bitstamp) March 15, 2019
Lightning Network Hits New All-Time High, Over 1,000 BTC Network Capacity
Lightning Network has hit yet another milestone when it comes to network capacity. In a matter of a few hours, the capacity has crossed 1000 BTC, going well above $4 million.
According to the data provided by 1ML, 1,053.06 Bitcoin which at the current BTC price amounts to $4.24 million is the latest network capacity of Lightning Network. The network capacity has been up 54 percent in the last 30 days. Meanwhile, the number of channels is also surging 47 percent to 39,144 while the number of nodes has reached 7,380 with the monthly increase of nearly 18 percent.
LightningPowerUsers, ln1.satoshilabs.com, 1ML.com node ALPHA, BitMEXResearch, tippin.me, LNOneYear, aphito.com, rompert.com≡ƒö, and ACINQ are some of the most connected nodes.
The Lightning Network hit a new all-time high of over 1,000 BTC in network capacity today.
Don’t listen to the noise. Bitcoin is going to scale just fine 🔥
— Pomp 🌪 (@APompliano) March 16, 2019
While on one side, Lightning Network capacity is increasing, the Bitfury Group is taking it to the merchants in the US, Canada, and the EU. Bitfury partnered up with HadePay where it will integrate its web-based lightning network Peach Merchant API with HadePay’s platform allowing business to accept payments and “improving the efficiency and lowering the costs” of Bitcoin transactions.
Once the payment is made, merchants can immediately convert their bitcoin into another currency via HadePay’s platform.
“By bringing the Lightning Network to HadePay’s payment processing platform,” Pavel Prikhodko, head of Lightning Peach, Bitfury’s team of lightning network developers, says they “are making it easier for businesses across the United States to accept bitcoin payments.”
Bitcoin payments through HadePay, a platform that can be used by merchants all over the world to accept payments through Apple Pay, Paypal, and Square, are made available in all 50 US states.
Though Bitcoin is already a low-cost alternative to the fiat payments, the integration with the Lightning Network makes it more convenient that according to Brian Nichols, the founder and CEO of HadePay will pave Bitcoin’s way for mass adoption in commerce.
“Our customers are excited to leverage much faster, cheaper, and more convenient Bitcoin payments made possible by Peach. Bitfury and the Lightning Peach team are perfect partners due to our shared goal of providing businesses with the most cutting-edge financial technology possible,” said Nichols.
Crypto Savant Dan Hedl’s Lightning-Rod Bitcoin Insights:
These were simply too powerful, #woke and all around beautiful statements to ignore and not include in today’s Bitcoin price analysis and social commentary overview. Just take a minute to read these four poetic tweets just to get an idea on why anyone should be considering entering the blockchain-based financial space.
– Been called a fraud, scam, Ponzi scheme, rat poison
– Blamed for supporting terrorism, child porn, and drugs
– Trashed by nearly every mainstream economist
– “Died 288 times” in the mainstream press
Bitcoin absorbed all of this negativity and is STILL thriving!
— Dan Hedl (@danheld) March 16, 2019
Let's be real.
In a few years, it won't matter if you bought $BTC at $4k, $3k or lower.
You will look like a genius no matter what.
— Dan Hedl (@danheld) March 17, 2019
– Drug wars haven't made a dent.
– The Pirate Bay is still up.
– Bittorrent is still up.
How on Earth do people think someone can stop bitcoin?
— Dan Hedl (@danheld) March 17, 2019
Pretty enlightening and exciting feedback from one of bitcoin’s finest contributors. But wait, there’s more, coming from none other than Fundstrat’s Tom Lee.
Tom Lee: Bitcoin in Strong Correlation with Emerging Markets, Real BTC Price Implications?
Emerging Markets are seeing an active and rising interest in Bitcoin. With the world currently undergoing a major shift in the evolution of money, people are looking for alternative options in terms of currency, investment and a store of value.
Thomas Lee’s Crypto Macro Factors: Bitcoin Succumbed to EM
When it comes to the connection between emerging markets and Bitcoin growth chart, both shared many similarities but in 2019, EM outperformed Bitcoin. According to Fundstrat’s Tom Lee in 2018, EM pulled down Bitcoin but as per the chart shared by him, Bitcoin can soon go to moon by tailing EM.
— Thomas Lee (@fundstrat) March 17, 2019
“Earlier this year, we noted the “macro” factors such as rally in risk assets plus USD no longer surging are tailwinds 4 BTC bitcoin. Chart shows EM in 2018 pulled down BTC. Notice especially how bitcoin tried to diverge in late 2018 but ultimately succumbed.”
It is not the first time, he has made a connection between both the markets. Back in August, last year, citing a correlation between both the markets, Lee had shared that Bitcoin could end the year “explosively higher.”
“Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin,” said Lee that time.
However, Tom Lee is not the only one that has been seeing this correlation as in late 2018, global macro analyst, Peter Tchir had also shared that during the time of emerging market stress, cryptos like Bitcoin as a store of value can rise.
“I would have expected bitcoin and cryptocurrencies to do well in times of emerging market stress. If you live in an emerging market country, where the political situation is tenuous and your currency is devaluing rapidly, it would make sense to want to store it, or hide it, or invest it in cryptocurrency. In theory Bitcoin is the ideal ‘hedge’ for a person of wealth in such a situation,” said Tchir.
If we take a look at the future prospect of the emerging market, according to Morgan Stanley, it is expected to rise about 8 percent in 2019.
Meanwhile, Bitcoin bull, Tom Lee further highlighted the maro tailwind, “Natural question is how much implied upside #bitcoin to “catch up” to macro. S&P 500+small-cap rally since 12/24 is >2 std dev. 1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k. NOT OUR BASE CASE. Just highlighting macro tailwind.”
CRYTPO (2/2): natural question is how much implied upside #bitcoin to “catch up” to macro.
S&P 500+small-cap rally since 12/24 is >2 std dev.
1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k.
NOT OUR BASE CASE. Just highlighting macro tailwind. pic.twitter.com/p67FDNGmI3
— Thomas Lee (@fundstrat) March 17, 2019
Today’s Bitcoin Price Action News Watch Conclusion:
Wow, what a recap that was! We hope you enjoy our most recent bitcoin price watch where we did our best to round up all of the daily activity regarding BTC’s value and the community insights.
Yesterday, we talked about the bold BTC price prediction from Binance CEO of $300,000 and how just four years ago the BTC/USD exchange rate was only $285 and has been hovering around $4,000 in today’s charts. Today, we are sharing with you all of the latest bright spots regarding the Tom Lee’s emerging market crypto macro factors, Lightning Network growth stats, current bitcoin price analysis and EOS’s ‘bitcoin will replace gold’ in two decades forecast.
Let us know your comments and feedback how to keep improving being the most active cryptocurrency news media outlet in all the blockchain land!