This week Bitcoin’s price has been struggling to break anything, but it hasn’t been able to break a single plate. Our restless friend’s low volatility is making us scratch our heads. The resistance hasn’t been broken, but neither has the support. I mean, we’re frozen in space. The $10,000 barrier has proven to be a concrete pinata. And, well, the $9,270 mark has held up the pressure so far. However, decisions have been put off for a long time and we’re getting to the point of definitions. May God catch us in confession! Take your seats and buckle up, because anything can happen here.
Now, let’s take a look at the most read kryptonews of the week.
One analyst says that the price of Bitcoin is approaching a „huge movement“ since trading has been in the same range for weeks.
Whether we like to admit it or not, Bitcoin is basically a speculative asset. This, of course, is not necessarily a bad thing. There is nothing wrong with speculation. That is, waiting for our assets to rise in value in the future. For some reason, however, the concept has been stigmatized. Suddenly, speculation is immoral. That, in my opinion, is totally absurd.
When I say that Bitcoin is a basically speculative asset, I am not using the term in its pejorative sense. I am simply saying that this asset finds its price in the convergence between buyers and sellers. In other words, supply and demand. Almost all assets find their price that way, but Bitcoin in particular finds a little more. In The News Spy, the subjective is often more important than the fundamental.
When we talk about a business, for example, there are other variables that influence the price. We have the assets, the sales, the expenses, the level of debt, the available capital, the position in the market, the employees and the efficiency of its managers. What I mean by this is that when the price of Bitcoin goes up it is because there are more buyers than sellers and when it goes down it is because the opposite happens. It’s as simple as that.
Of course, there are moments of equilibrium. And the market sometimes moves sideways. These are periods of consolidation. The low volatility indicates that the market is very comfortable with the current rate, because there is very little indecision. However, this will not last forever. Sooner or later, the time will come to make decisions and choose a trend.
The price of Ethereum can rise by 3,000% and reach $7,500 after being driven by Bitcoin, says expert
Many of us focus so much on Bitcoin that we have a hard time recognizing that Ethereum has managed to consolidate a very important community. Whether we like it or not, the project. Obviously, many people like the product. Moreover, Ethereum has the great advantage of being the undisputed leader of a new and emerging market. Bitcoin is the home of libertarians and investors. But Ethereum has become the home of many developers. Ethereum is honey for the nerds. We can criticize a lot of things about Ethereum, but we can’t deny that it must have something to attract so many developers.
The Ethereum community builds things. And that’s worthy of respect. Of course, we haven’t yet seen the great app that’s going to conquer the world. So far, it’s all been one big promise. The founders are billionaires today, because they’ve been so good at selling promise. Everything is a tomorrow with Ethereum. Ah, but we can’t get cynical and assume that everyone who promises breaks. Right now, there’s a lot of investment and a lot of developers working. I mean, it’s planting time. Ethereum is a big warehouse full of programmers frantically writing code. I don’t know what’s going to come out of it when it’s time to harvest, but something is going to come out. I find it hard to see all that work ending in nothing. Bitcoin and Ethereum will surely grow together.