Bitcoins: the Expert described the main reason for strong growth
Stock Markets Group – the exchange Rate of bitcoin over the last 24 hours added another 4.33%, and plummeted to around 4200 dollars.
The current situation in the stock market remains very positive and it seems the traditional new year’s rally, which previously could be observed in the financial markets migrated to bitcoin.
This according to experts is not surprising, since in the conditions of geopolitical instability and falling global stock markets and currencies of developing countries, investors are buying the cryptocurrency.
Next year is expected quite challenging in traditional financial instruments, so the price of Bitcoin may continue to rise after the Christmas holidays with renewed vigor.
At the moment cryptocurrencies of the first echelon are at a strong advantage.
So the Cash Bitoin exchange rate strengthened by another 3.14% and reached the level of 203 dollar, the price of Ripple has grown by 14.28% and is close 0.4338 dollars, the cost of Ethereum added 10.37% and reached the level of 146.8 dollar, the Bitcoin Gold went up by 3.02%, and for one coin today, I suggest that 15.9 U.S. dollars.
Total market capitalization of cryptocurrencies at the moment is steadily increasing, and amounted to 132 676 billion.
Chart bitcoin/dollar remains in an uptrend. So the price of the most popular cryptocurrency is above the moving average, which has already crossed the slow line of Ichimoku indicator. This signal is the latest confirming the high activity of buyers in the market of cryptocurrencies.
In the current situation investors have chosen bitcoin as a new year’s tool for quick money, and this wave in the last few days, we expect a sharp rise in the cost of BTC.
Technically, the course is set to level 4 is$ 500, which he most likely will reach to the environment if the stock market remains in a positive mood.
The exchange rate of bitcoin grows, as other markets fall
This opinion was expressed by former head of the management company of the cryptocurrency assets Ikigai, Travis Kling.
He believes that, just as the stock market has entered a stage of active sales, some investors prefer to buy popular digital asset and other cryptocurrencies to earn.
“A period when traditional financial markets are falling, the cryptocurrency, not yet passed. Bitcoin in particular emerged precisely when the fed and other banks began quantitative easing. Now the opposite is true, and liquidity is withdrawn from the currency market that really hurts the image of the dollar and other financial instruments. In these circumstances, there is a possibility that BTC and other coins will be the most effective instrument for investment”
However, the expert is surprised that bitcoin has reached its historical bottom in so late. Kling notes:
“For me, it would be logical for a period of deep decline in the exchange rate of bitcoin, and achieving a stock market bottom ended a few months before the fall of traditional markets”
In the current situation can be seen as only last week at the cryptocurrency market returned about 30 billion dollars, and it suggests that investors are looking for those assets that can survive in times of global pessimism.
However, opinions regarding future growth may not be justified if, for some, reason, the credibility of bitcoin will be undermined because of delays, launch a bitcoin ETF on the stock exchange Bakkt.
Similar situation we have seen, however, the conditions in which this happened differed greatly, and repeated the “false” may be too painful for the most popular crypto currencies and the stock market as a whole.
We, in turn, still recommend to stay in a long position for a given instrument with the first goal of 4,500 dollars.
Market analyst cryptocurrency
Stock Markets Group™