The world’s most popular cryptocurrency, bitcoin (BTC), once again stands over USD 11,500. Bitcoin Price has gone up 1.4 percent last 24 hours and almost 8.3 percent last week. This is relatively near its highest point recorded in the last 30 days of USD. However, it is still away from its previous records. According to CoinMetrics bitcoin performed remarkably. It is stated that ‘1/9 Bitcoin has performed remarkably these past few weeks despite:
-Most of DeFi falling 50-80%
-CFTC charging BitMEX
-POTUS contracting Covid
-Delayed stimulus talks
-FCA announcing a derivative ban for retail’
The firm found that the number of bitcoin whales proceeds to extend, indicating positive expectations for the longer term of bitcoin.
Some financial investigators foresee a massive change in crypto is forthcoming as institutional money enters the market. Besides, there is the possibility that crypto will be floated on the Nasdaq, which would encourage include credibility to blockchain and its uses as an alternative to conventional currencies. Long term outlook for bitcoin is the subject of many disputes debate. Whereas so-called crypto-evangelists generate the monetary media, Harvard College Teacher of Economics and Public Policy Kenneth Rogoff recommends that the “overwhelming sentiment” among crypto advocates is that the overall “market capitalization of cryptocurrencies could explode over the next five years, rising to $5-10 [trillion].”http://The Guardian. “Cryptocurrencies are like lottery tickets that might pay off in future.” Accessed March 4, 2020.