Bitcoin is the top-ranked coin in the market. The BTC dominance rate stands at 68.2% as of this moment. The trading volume recorded is $19.637 billion, while the supply has 17,877,112 BTC tokens in play. The total market cap of Bitcoin is $179.342 billion. BTC is priced at $10,032 and has experienced a decline rate of 5.78%.
Goldman Sachs and JP Morgan had declared that Bitcoin would climb ahead in the market. They had even asked investors to join in the fray, and this advice has been welcomed by the community. However, not all are happy as the king coin keeps fluctuating in the market.
— CNBC’s Fast Money (@CNBCFastMoney) August 12, 2019
Kelly spoke of the lack of bullish momentum in these past few weeks. The coin has largely been struggling to move ahead, and is yet to reach the $13,800 mark. Even though trading has increased and adoption has soared, new buyers are needed to ensure than the push is effective.
Bitcoin has been fluctuating for quite a while, and the altcoins show no signs of recovery. For this past year, the bears have kept the price at bay near the $11,000 area. Institutional and retail investors need to make decisions and invest their assets; thereby causing the price of BTC to skyrocket. The slow rise of the dominance rate is seldom a good sign.
Brian Kelly has been involved in the cryptosphere for more than 5 years. His theories usually ring true in comparison to other financial advisers. For instability to subside, traders and newbies must show their willingness to trust the king coin. Although, the regulators have been trying to obstruct a boost, by declaring Bitcoin and other assets as “unpredictable”.
Ready for a journey?
I’ve been playing with @glassnode‘s tool CDD, Coin Days Destroyed. It’s neat, illustrates when long term holders start to move their $BTC. Blockchain analysis let’s you see things the raw chart doesn’t.
I’ll show you, let’s take a walk down memory lane… pic.twitter.com/s3qEgNWjol
— The Crypto Dog📈 (@TheCryptoDog) August 13, 2019