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Morgan Creek Digital Co-Founder Anthony Pompliano meanwhile has said that his idea of Bitcoin acting as a hedge for portfolios due to its non-correlated nature has only solidified over time.
He added that Bitcoin moved in the opposite direction to both the S&P 500 index and gold in May 2019 during the trade war. This shows that Bitcoin can add a layer of protection to the portfolio, which no other asset class can do.
And yet, according to one source, all other altcoins are doing better than BTC and putting it to shame. Even though the world’s number one cryptocurrency by market cap has shot up by nearly 40 percent this year, its smaller cousins are really adding steam to the crypto industry.
One such coin to experience grand surges in the year 2020 has been bitcoin SV (BSV). The currency – which first emerged in late 2018 following a hard fork of bitcoin cash – has been at the center of much controversy over the past two years. BSV is widely blamed for the crypto crash that occurred around Thanksgiving of 2018.
As NewsBTC has reported several times previously, the Bitcoin hash rate is currently close to the highest it has ever been. The surging measure of computing power securing the network shows that the BTC mining industry is extremely optimistic about the asset’s future.
Similarly, Bitcoin scaling solution Lightning Network has seen some pretty bullish developments of late too. As Lightning Labs CEO Elizabeth Stark tweeted yesterday, the development firm just received another $10 million in funding from investors.
The derivatives market has been one of the largest benefactors of the recent bullish rally. Bitcoin’s price is up by more than 35 percent since 2020 dawned and December’s bearish doubts have been cast out over the last 36 days.
According to Arcane Research’s recent report, retail and institutional investors agreed on Bitcoin’s Futures valuation for the first time, as observed in the charts.
Five prominent members of the blockchain community attended a secret meeting with the oracle yesterday in an attempt to teach him about cryptoassets. Instead, it seems that they were the ones who ended up learning from him.
In this Tweet thread, Justin Sun, who arranged the meeting by virtue of a $4.5 million donation to charity, publicly thanked Warren for his support and advice on how to take Tron to the next level. Whatever he said, it must be working because Tron is up about 12% since the meeting.
With this current price BTC is doing very well, but there are other indicators showing higher prices than these. The $10k tier signals again, and the entire feeling within the cryptocurrency community has increased the BTC fear and greed index. And the recovery of Tesla (TSLA) to be above the $900 level lifted the positive feeling on the cryptocurrency markets and this influenced both BTC and other popular tokens including Ripple (XRP), Ethereum Classic (ETC), Centrality (CENNZ), KickToken (KICK), and others. Albeit, the futures markets are poking particular markets signifying Bitcoin is getting ready for yet another bullish trajectory.
The stock exchange and the cryptocurrency market have more in common than both industries would like to admit. But the truth is, at the core of both markets is the common goal to make twice the amount of money as you put in.
With the cryptocurrency market becoming more and more mainstream and the larger effort to integrate the stock market, a lot of traditional trading techniques are finding their way into the cryptocurrency market as well. And the best part is; they’re working.
Bitcoin SV’s native token has been on a bullish phase in 2020. In January, the digital asset rose to reach its all-time price of $340. This saw the digital asset for a short while surpassing Bitcoin Cash to become the fourth-largest cryptocurrency. A pullback, however, saw it settle for fifth in the ranking.
In more recent days, there has been further developed in the project. As we reported, they launched the Genesis protocol which means now Bitcoin SV shares the same protocol as the original Bitcoin. It also means that now the blockchain has the best utility and scale of any blockchain.
Earlier this month, altcoin dominance broke out of this continuation pattern, signaling the beginning of a new “altseason.” By measuring the height of the triangle, at its thickest point, and adding it to the breakout point, this technical formation estimates a 16% target to the upside. If validated, altcoins could soon capture 40% share of the entire cryptocurrency market.
The United States Air Force, in concert with the Department of Defense, has awarded a contract to Fluree to develop a blockchain-based communication platform. This move is part of the Air Force’s AFWERX technology innovation program. Fluree specializes in permissioned blockchain systems. It is tasked with creating a network that can serve multiple roles for the Air Force as well as provide capabilities for other branches of the military and America’s global partners.
“After the success of our initial BTC contract, we have focused on bringing Binance’s signature trading experience to all newly added pairs. We’ve introduced 16 altcoins to our platform as of today and have seen excellent growth in our altcoin trading volume, with some pairs quickly taking the number one spot in the futures market. The BNB contract has been a highly-demanded product and will continue to grow the industry impact of Binance Futures trading platform.”
- Alipay aims to tackle Coronavirus epidemic with a blockchain based information service platform.
- The platform enhances the traceability of medical supplies and equipment to fight n-Cov 2019.
- China turns focus to Bitcoin miners as virus spreads.
“He is curious to see how blockchain will play out in the payment industry in the next 10 years. I have lots of work in store for me!”
However, the Berkshire Hathaway CEO needed more convincing when it came to Bitcoin. He reportedly told Sun that the cryptocurrency still needed a lot of work in order to capture the value of blockchain.
A crypto hedge fund analyst at Adaptive Capital says the notion that his firm “invests” in cryptocurrency is mistaken.
According to Willy Woo, Adaptive Capital strategically plays crypto boom and bust cycles and doesn’t simply make investments with the intention of holding on forever.
However, when it comes to anyone looking to buy crypto for the long haul, Woo says he believes there’s little chance Ethereum, XRP or any altcoin will outperform Bitcoin.