It is the second time in history that the average annual Bitcoin price is around $ 9,000 amid halving with bullish signs.
The market leader for cryptocurrencies, BTC, could have fully compensated for any losses in value from the time of the collapse in March. An additional rate indicator is about to reach a new all-time highas reported by News Blockchain.
Yassin Elmandjra, cryptocurrency specialist at ARK, points out as an investment advisor that The market-leading digital currency is about to set a new best moving average for the year.
The metric value of Bitcoin starts for new highs
Elmandjra created a graph on his personal Twitter account on May 1st that shows the trend: since the beginning of 2018, during the current annual maximum of BTC’s average movement, the number has decreased and then recovered.
The end of 2018 showed a low level when the BTC / USD pair was trading at $ 3,100. Currently, the slow growth ends in 2019 with a new significant phase that will occur if the markets keep their existing points.
thats why Bitcoin’s average annual movement value is approximately $ 9,000 for the second time in the existence of the cryptocurrency.
Bitcoin’s moving average annual price will soon hit an all-time high. pic.twitter.com/BjgdPZ8mm4
– Yassine Elmandjra (@yassineARK) May 1, 2020
Elmandjra aroused the interest of the well-known Bitcoin investor Anthony Pompliano and the author of the bestseller book. “Bitcoin standardSaifedean Ammous.
What does the daily price of BTC include?
Regardless of stable results, not all retailers rely on the idea that the current price development is more appropriate for BTC when making a purchase decision.
In an interview last September with CNBC, the CEO of Morgan Creek Digital,Mark Yusko explained that the exchange of BTC is not something that financiers should think about.
Yusko also noted that the price of the cryptocurrency has been falling steadily every year except for 2015.
JP Morgan and Goldman Sachs started to keep customers from buying BTC
DAIM boss Adam Pokornitsky reported how one of the financiers, after communicating with bank advisors, was considering investing in the first cryptocurrency. US banks and potential financiers convince customers not to invest in BTCPokornitsky said. He claims he lost his client after speaking to the financial advisors of these conglomerates.
According to one customer, one sentence was insufficient to explain the benefits of investing in cryptocurrencies. However, the director of the California Company gave a more detailed answer.
“Bitcoin is an asset with the highest indicators from previous BTC purchases, and storage was 3,853 out of 4,134 days (93.2%) profitable. If all tycoons in the world wanted BTC, they couldn’t buy even a third of the value BTC is not pegged to the US dollar and is based on supply and demand and has a limited supply with potentially unlimited demand.
According to the current portfolio principle, any multi-asset portfolio that contains at least 1-10% Bitcoin performed better in terms of absolute returns and was risk-adjusted than when it was lacking, “he wrote. Pokornitsky.
Other representatives of the crypto community also participated in the discussion about the benefits of investing in BTC. Jeff Dorman, chief investment officer of Arca, a digital asset management company, said this Having digital money is one way to escape the traditional financial system.
“Even if you are 100% with Fiat, you still hold a long position in the future of the financial system. With Bitcoin you can get out of the system and protect yourself from its risks. Think of the banking crisis of 2008, the debt crisis Europe 2011 and the Turkish debt and currency crisis 2018 from … and now, “said Dorman.
Previously, the number of the largest BTC indicators reached its highest level since August last year. This indicator has grown in the past two months. Wayne Chen, founder of Coincurve and head of Interlapse Technologies, said this could indicate this Some investors are using digital assets to change in the face of the ongoing coronavirus epidemic and in the run-up to halving.
A retrospective on Bitcoin before it was halved
On Wednesday April 29, the average bitcoin market rate hit a 7-week high of $ 7,922. The last time the crypto asset was trading at this level was on March 10th. Bitcoin price has risen 24% since early April . Now the capitalization is $ 145 billion and the trading volume is $ 36 billion.
During the last day, all 30 cryptocurrencies ordered by capitalization are in the “green zone” in addition to the stable coins. The XRP token has grown faster than others: by 9% to $ 0.215, the cost of Ethereum has increased by 4% to $ 205. Bitcoin’s market share is now 63.7%.
The Bitcoin network will cut in half in less than two weeks: the reward for finding a block in the network of the first cryptocurrency will be halved from 12.5 BTC to 6.25 BTC. This will happen around May 13th.
Earlier, trader Joe007, who cited the Bitfinex rating in terms of earnings, predicted this After halving the BTC price, it will fall because the event is overestimated. At the same time, venture capitalist Tim Draper said that Bitcoin’s price would rise to $ 250,000 in the coming years due to its widespread use as a form of payment.