Bitcoin died? As it is not so! Analyst at Morgan Creek Anthony Pompliano believes that in recent months, for cryptocurrency, nothing has changed. It will be sure to grow in the future, and the reversal of the bearish trend’s exactly what will happen. According to Pompliano, the recent draining of the stock market did not affect the fundamental advantages of Bitcoin.
Bullrun will definitely be
In his recent interview with CNN, Pompliano told about his attitude to the “bloodbath” in the market of cryptocurrencies. In his opinion, the fall of Bitcoin below the $ 4,000 did not change its key advantages over Fiat.
Do not be distracted by the noise. Focus on the fundamental advantages [of cryptocurrency].
How, then, can be called a strong bearish trend? No, this is not to undermine faith in digital assets. This is just another cycle in their development. By the way, earlier a similar idea was expressed by the CEO Binance, Chanpen Zhao. According to Bitcoinist, Pompliano also predicted a new bottom for Bitcoin. At this time, the cryptocurrency should not fall below $ 3,000.
Instead of pricing analyst suggested that another indicator of market development. He cited the example of the ratio of the total value of Bitcoin transactions to the capitalization of coins. According to Coinmarketcap, the volume of transactions in the last 24 hours $ 6 billion, while capitalisation recorded at around $ 66 billion.
Went on @Mashable to talk about why Bitcoin isn’t dead.
Don’t listen to the noise. Focus on the fundamentals. pic.twitter.com/hgwR7eyhND
— Pomp ? (@APompliano) November 23, 2018
More importantly, is the fact that a large part of the volumes of the cryptocurrency comes from the usual investors that have not yet drained the crypt. With the arrival of institutional investors Bitcoin can unleash your growth potential and to overcome last year’s maximum.
At the moment capitalization of the stock market is in the area of $ 130 billion. Almost 85 percent drop from the December peak.
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