In the past few months, Bitcoin has seen significant growth and its value has almost reached its all-time high of $ 19,666 (as of 2017). However, how does this benefit the cryptocurrency sector in general? To solve these and other questions, Cointelegraph en Español spoke to Eduardo Arenas, Director of Bitso Alpha, who spoke about the recent rally in Bitcoin from a fundamental and technical point of view, as well as the implications for attracting retail investors.
“Earlier this year, Bitcoin price followed general market movements and correlated strongly with gold and US stocks. Now the main factor seems to be the addition of new institutional investors like Microstrategy, Square to the market, the recognition of big investors like Paul Tudor Jones and Stanley Druckermiller, who have publicly declared to invest in Bitcoin. This is followed by PayPal’s decision to allow its customers to have cryptocurrencies on its platform, ”emphasized Eduardo Arenas.
In this sense, Bitso Alpha’s market outlook is very positive, particularly in Mexico and Latin America, where they have 1.2 million users and have positioned themselves as a major exchange in the region in terms of transaction volume.
“”It is true that an increase in the number of users is usually seen at the beginning of Bitcoin’s upward trend. However, we have also seen a constant increase in users since the last year, even in very short periods of time, and in Latin America in particular, we notice that people are increasingly using cryptocurrencies to meet their daily financial needs, to protect their value, to protect your money from inflation and to make payments between countries regardless of priceSaid Arenas.
This can also be seen in the growth figures in the cryptocurrency market, as at the beginning of September this year the market capitalization of Bitcoin (BTC) with a price of Bitcoin at around USD 190,000 million was USD 10,000.
But still, In the past two months, the price of Bitcoin has exceeded $ 15,000. Bitcoin’s market capitalization rose from $ 190 billion to over $ 315 billion, based on figures from the crypto platform Nomics.com.
“”Bitcoin’s market capitalization versus US companies and safe haven assets like gold serves as an indicator that the crypto sector in general has significant headroom for further growth over the next decade.l “, they concluded from Bitso Alpha.
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