Analytics / Forex and Crypto News
According to Spencer Bogart, the partner of the venture company Blockchain Capital, investors should take advantage of the current situation in the cryptocurrency market and start buying Bitcoins (BTC).
Speaking to Bloomberg reporters Emily Chang and Mike McGlone, the businessman stressed that the current market situation may signal that the bull trend has persisted in the market for a long time.
Now it is difficult to predict the time of preservation of the upward dynamics of the Bitcoin movement, but there is the reason to predict that the coin will grow. Even if the BTC does not return to its highs of the end of 2017, the growing interest of institutional investors will still stimulate the rally of coins.
Bitcoin never left, it was always here. So he came back? He is definitely back, are we ready to see new records? Perhaps not yet. I still feel that the arrival of institutional players will support Bitcoin.
Thus, the partner commented on the Bitcoin rally, which resulted in the coin approaching the $4,000 mark. So far, BTC has no opportunities to overcome the shock line and is trading at $3,970.
Bogart believes that now is the time to buy Bitcoin since it is quite possible that the coin has not yet reached its bottom in the long term.
The demand for Bitcoin will grow under the influence of three factors. Firstly, as the volume of use of the coin increases, the demand for it will increase.
The second factor that stimulates demand will be the purchase of Bitcoin by central banks, which will begin to use it to hedge risks and reduce the share of capital in traditional assets.
And the third factor will be the improvement of the functioning of the Bitcoin network. The cryptocurrency platform will become the base for the global digital infrastructure, so it can force out competitors in the face of traditional payment systems.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov