Bitcoin continues to rewrite historical highs. After last weekend, the rate of the world’s main crypto currency reached $4000 and interest in it from traders only increased. At the Asian session on Tuesday, bitcoin is already one step away from testing the $ 4,500 benchmark and more likely than not, the chances of success are very high. Two weeks after the separation of bitcoin into two cryptocurrencies, the rate soared by 50%.
The main demand comes from Japan; according to CryptoCompare, the yen accounts for about 43.34% of the total number of transactions, while the US dollar accounts for only 22.35%. Market participants believe that the new inflow of funds into the asset was a result of the launch of the Exchange Fund (ETF) in the USA focused on Bitcoin. It will be traded in the form of shares on the New York Stock Exchange.
It is important to note that the new exchange tool will make bitcoin available to all interested investment funds that previously had no opportunity to buy cryptocurrency in "unregulated space". The bitcoin market continues to evolve according to Moore's law applicable to most digital technologies: it grows exponentially, doubling through conditionally equal intervals. For Bitcoin, this period of doubling is about 8 months.
If this trend continues, then by 2021, bitcoin will be worth $100 thousand per unit. Given the above, it is becoming harder to ignore the fastest growing financial market. Why not then come on board and join the continuing bull market rally?
Recommendation BTC/USD BuyStop: 4300,00 TP: 6000,00 SL: 4000,00
Analysis by Tim Deev