Bitcoin the Tough Competitor among Top Cryptocurrencies
According to Mr. Lee, this news has made investors stick to bitcoin as the best house in a tough neighborhood, Lee said this in an interview with CNBC.
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The price of bitcoin and altcoins has been trading downscale with bitcoin trading below the $7,000 margin again. This comes after constructive news in the crypto ecosystem with ICE, the proprietor of the world’s largest stock exchange setting up a new bitcoin market. Fame was that bitcoin ETFs were on the way despite the categorization of bitcoin being a commodity.
Low trading volume experienced a sign that another decline in value was inevitable. This is according to a report despite $5 billion recovered in the crypto market. It stated;
“The price of bitcoin and ether has started to drop again in the past several hours. It’s testing $7,100 and $410. Bitcoin is likely to breach the $7,000 and $400 level like it was on August 5th is the volume fails to recover in the next 12 hours.”
BitMEX CEO Arthur Hayes said that BTC needs to test $5,000 before a bottom can be established.
Despite all these, Fundstrat’s Tom Lee believes he has the answer to what seems to be a collapsing market. He points to bitcoin dominance which he positively believes will save the cryptocurrency.
Early last year, the crypto market was trading at 80% before it waved down to 37%. The superiority is now 48%. The bitcoin dominance is the ratio of bitcoin individual market cap to the unite market cap of all cryptocurrencies.
Lee maintained that this reflected how investors are optimistic about the developments in the bitcoin field. Even though the price hasn’t risen as the majority anticipated, the improved control is a sign that investors have taken into account the upcoming ETFs and ICEs soon to initiate the crypto market.
According to Mr. Lee, this news has made investors stick to bitcoin as the best house in a tough neighborhood, Lee said this in an interview with CNBC. Lee also pointed out that Misery Index was at a safe volume.
The Misery Index measures what the experts anticipate a holder of bitcoin to be feeling. The system was initiated by Fraudstrat’s. As per the classification, if the crypto is under 27, then it’s miserable. But, according to Lee, bitcoin does well when the belief drops so low. When it’s above 67, it’s an indication that bitcoin is likely to experience a decline. This is the euphoric stage.
At the moment, the Misery Index is at 39 and Tom Lee refers it to be in line with health recovery.
Lee urged investors and specialists to assume the role of Asian investors where a lot of cryptocurrency investment is coming from. He said that the majority of these investors aren’t aware of ICE neither the importance of latest updates. The current market according to Lee is moving within itself. In other words, the crypto market is still in development stages and it has potential to grow in future.
The latest trends in the market are demoralizing to the majority but the growing influence is a sign that BTC is unifying power within the industry. It’s a matter of time before the price of bitcoin becomes influenced by several productive developments in the crypto ecosystem.
Image Courtesy of Pixabay.
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