Crypto currency market review
Crypto currency market is growing every year. The result is that the number of investors willing to invest in cryptocurrencies is on the rise. Problems such as global economy and trade war make digital currencies more attractive to potential investors. At the moment, Bitcoin is the most successful cryptocurrency in terms of market capitalization in the world. It is important to keep in mind that 85% of the Bitcoin supply has been mined.
Update on BTC prices
Yesterday on August 6 the price of Bitcoin $11,860, which was the best result in three weeks. According to CoinDesk data. It is an interesting fact that nearly 70% of global crypto currency market’s value belongs to Bitcoin. Meanwhile, the price of Bitcoin continued to rise, and on August 6 Bitcoin price reached $12,144. There are several reasons which influenced the price of Bitcoin.
Several analysts compared bitcoin to gold. Some of the analysts think that bitcoin can act as “digital gold.” Tensions between the U.S. and China started over a year ago. However, during the previous week, U.S. President announced that the U.S. would impose additional sanctions on Chinese products. China responded by letting its currency to fall against U.S. Dollar. Moreover, the crypto currency market benefited from the trade war.
China’s decision raised the possibility of a currency war. It is worth mentioning that Chinese investors invested heavily in Bitcoin and other cryptocurrencies. Nevertheless, investing in Bitcoin would help them to improve their financial standings.
There is a chance that trade war, coupled with global economic problems, will increase the demand for Bitcoin. Crypto currency market might become even more popular among investors. It is too early to say that the price of Bitcoin will reach $20,000 as it happened in 2017. However, current trends indicate that the Bitcoin price will continue its journey to the top in the nearest future.
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