At the time of writing, Bitcoin has been trading at $3,630 with 24-hours loss of 0.24 percent. The leading cryptocurrency is currently managing the daily trading volume of $6.4 billion. If we take a look at the Bitcoin price for the past 7 days, the price moved between $3,695 and $3,610.
Since June 2018, Bitcoin price has been constantly registering the red candles but the month of February could be one after six months to see a green candle. According to the crypto trader and investor Josh Rager, if Bitcoin breaks below $3,413, the red monthly trend will recommence.
$BTC Monthly Chart
Bitcoin is working on its first green monthly candle since July 2018
The past 6 months Bitcoin has seen red on monthly, a break and close below $3413 will continue the red monthly trend pic.twitter.com/RLLi5N02BB
— Josh Rager 📈 (@Josh_Rager) February 16, 2019
So Much to be Bullish About
The crypto market is in the longest bear market in its history but there are more reasons in the current market more so than ever to be bullish about.
When it comes to the Bitcoin network, the transactions are ever increasing while the average fee is taking a downward shift. According to Blockchain.com, the biggest block with an average size of 1.305 megabytes has been mined which has been the result of ever-increasing adoption of Segregated Witness (SegWit) that now accounts 40 percent of all Bitcoin transactions.
Bitcoin awareness and adoption is spreading worldwide and those who really need it are investing in this uncensored and borderless cryptocurrency. The Bitcoin trading volume in countries like Venezuela among others in Latin America is reaching all-time highs.
The institutional investors that the crypto community is waiting for are coming slowly but surely with two big names in the form of Bakkt and Fidelity with their platforms to be launched somewhere around this year. Just recently, Nasdaq announced that it will be launching two new indices Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) to track the real-time cryptocurrency prices.
Another instance of institutional money getting into crypto is the two US pension funds viz. Virginia’s Fairfax County’s Police Officers Retirement System and Employees’ Retirement System that has invested $40 million in Morgan Creek Digital.
If we talk about the Lightning Network, the second layer on Bitcoin network, it is seeing an exponential growth as its network capacity is nearing 700 BTC while the number of nodes has crossed 6,000. Meanwhile, the real-world adoption could also be seen as Domina Pizza now accepts Bitcoin though Lightning network.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.