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The much-anticipated growth, that's how I would like to begin this article, analyzing the current situation in the cryptocurrency market. It was at that moment of bated hopes in the future of bitcoin when the crypto industry showed new signs of growth. As always, Bitcoin acted as the growth locomotive, the increase in its capitalization spurred interest in other altcoins.
The BTC/USD pair is currently getting ready to test $7500 resistance. It’s worth paying special attention to the psychologically strong barrier, located a bit higher at $7700 mark. Right above this barrier lies a 150-day moving average and also the downtrend line, which has been holding back the bulls since the beginning of 2018. If the price manages to hold above this mark, we will have all chances to witness a new wave of growth, which can take the price back up above $10 000 with the following renewal of historical highs. In this situation, we suggest to once again consider whether bitcoin is worthy of costing more than $20 thousand and how to justify its trillion-dollar capitalization.
Bitcoin has already become a full-fledged means of payment. In fact, its main competitor is the real money with the total capitalization close to $100 trillion. Compared to this, the current bitcoin capitalization of $125 billion looks ludicrous. As a result of a simple capital redistribution, some of this money will migrate to the crypto sector, fueling the rally in bitcoin.
The digital currencies have long been under pressure of criticism due to the lack of regulation. Today, regulatory issues are discussed in the upper echelons of power, that’s why it was decided to develop global standards and draw up guidelines to regulate the cryptocurrency market. As soon as “the rules of the game” are finally approved, hundreds of billions of dollars will be poured into this market by investment funds, which can’t work with these assets in the present non-regulated environment. The additional capital inflow will be another reason for the BTC inevitable growth.
Another good idea would be to compare bitcoin with gold. There’s simply no such asset, which allows you to easily store any amount of money on an ordinary flash drive, and at the same time to transfer funds to any part of the world in a matter of minutes. We just can’t think of any worthy competitor to bitcoin.
The blockchain technology and its potential were only revealed thanks to the appearance of the first cryptocurrency. Today, the blockchain is introduced everywhere. At the same time, we shouldn’t forget that Bitcoin is the most popular and secure blockchain. That's why it has affirmed its status as the world’s brand in the entire digital industry.
With all the above said, we have all reasons to anticipate another growth in bitcoin. The most important thing is not to miss the very beginning of the rally. Apparently, the current situation looks like that’s the moment.
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