Market Analysis #1 Why Bitcoin is Increasing Crazy Nowadays?
Why Bitcoin is Increasing Crazy Nowadays?
So we all know bitcoin has unbelievable return rate over the years. But If you look at the graph for a longer time scale, it has higher slope at last year compared to all the previous years.
World is running away from material
Architecture's used to draw on a big piece of paper, now it is replacing with 3D drawing software's.
Same as, all the money we used to know was just a paper money, now it is almost replaced with credit cards.
So I feel like just like these, cryptocurrecny is a way for people to stay away from material side of the world and entering new software era.
Market is growing due to new alt coins
There used to be just one bitcoin, and now lots of people think it is overbought that train already missed..
So, people started to invest different kinds of coins lately. According to coinmarketcap.com, there are 1360 different alt coins exist so far. (Maybe even more)
Basically, what I am trying to say is market is growing, and you can buy most of these coins with only BTC. Majority of the websites only allow you to convert your BTC to some other alt coin (can't use USD). So, this might be another reason, you always need bitcoin to invest in cryptocurrency.
It is valuable, because people think it is valuable
I believe this one more than all above, everyone wants order of magnitude more return from their investment. And bitcoin is giving this to people, so after this point, even if it is not that valuable, people think it is and they just keep buying (Even my grandma told me to buy her some BTC :)
I just hope this is not the case, because that means it will actually pop like balloon after some point.
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So leave a comment and let me know what do you think !
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wow thank you !
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BTC is king of all cryptocurrency, Every one is demanding it for their projects too. Thanks for your update and information analysis.
Sure :) I agree BTC is king so far, but the original BTC has older technology compared to some other new currencies, I feel like in the end it might just be replaced by some other versions of BTC or completely different currency.
Right now, all the websites are based on buying smaller coins with BTC, and it is not that easy to change for a very short amount time. But maybe with time it might happen (Just like natural selection)
Thank you for the comment !
Yeah its old technology and also take much time to confirming transitions. By the way etherum is also doing good but same problem it also has, lets see what will be the next best.
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