Bitcoin price has been trading at $3,630. Earlier in February Bitcoin price flitted over the $3700 mark, even trading at $3711 on 8 February. The leader in world of cryptocurrency is currently managing the daily trading volume of $6.4 billion. Josh Rager, analyst and adviser at TokenBacon and Blackwave said that, “BTC has been moving slowly sideways as the next strong move builds.”
The green candle experienced in February 2019 is the first since July 2018. February is proving to be the beginning of the flush of green being experienced in the crypto market. However, Rager warns that if Bitcoin price breaks below $3,413, the red monthly trend will recommence, ushering a continuation of the red glow.
Recently, there has been so much positive sentiment and price momentum regarding the expected rally of Bitcoin price and other Altcoins such as Ethereum and Litecoin. This positive momentum is rousing belief of the beginning of a green wave.
It has been a long winter of bearish sentiment, but now it is time for the bull to run. There are so many different reports, articles and comment that paint a bullish future ahead.
Dan Hedi, Twitter analyst, commented, “While we are in a Bitcoin bear market, I am more bullish than ever.” He went on to highlight some of the exciting things that are happening in the world of Bitcoin. Like for example that $1Billion moving daily on the Bitcoin network, Lightning Network growth, Bakkt and Fidelity about to launch and governments debt at an all time high all aid the resurgence of the mighty Bitcoin. He also mentioned Lightning Network as being a further positive avenue that will encourage Bitcoins rally.
When it comes to the Bitcoin network, the transactions are ever increasing while the average fee is taking a downward shift. Blockchain.com commented that the biggest block with an average size of 1.305 megabytes has been mined, the result of ever-increasing adoption of Segregated Witness (SegWit). This is equivalent to 40% of all Bitcoin transactions.
A noticeable global increase in awareness and adoption of Bitcoin has been noticed and is spreading worldwide quickly. More and more individuals and institutions are investing in this uncensored and borderless cryptocurrency. South American countries like Venezuela and others are showing a marked increase in Bitcoin trading volume. At this point they have reached an all-time high.
Big institutional investors are joining the arena starting with the likes of Bakkt and Fidelity with their platforms to be launched somewhere around this year kicking off. Nasdaq announced recently that it too was to become involved and would be launching two new indices Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) to track the real-time cryptocurrency prices.
Virginia’s Fairfax County’s Police Officers Retirement System and Employees’ Retirement System that has invested $40 million in Morgan Creek Digital are two more examples of institutional money getting into crypto.
The Lightning Network, which is the second layer on Bitcoin network, is seeing an exponential growth as its network capacity is nearing 700 BTC while the number of nodes has crossed 6,000. An example of how this is bringing crypto to the real world is the example of Domino Pizza now accepts Bitcoin through Lightning network.
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