On February 9, Beijing time, the price of bitcoin in the global trading market officially broke the $ 10,000 mark, and this event may have a positive impact on the entire cryptocurrency industry.
According to data provided by qkl123.com, the price of Bitcoin has increased by nearly $ 2,500 in the past month, an increase of 25.27%.
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Halving effect in continuous fermentation
With the halving of the Bitcoin halving event in May, the voice of optimism about Bitcoin has become more and more, for example, the digital currency exchange Coinbase has recently started to promote the "Bitcoin as Digital Gold" argument, in a blog post China, Coinbase concluded:
"Bitcoin has countless technological advantages, accelerated development and an increasingly mature global market. It is a value store that competes with gold in the digital age."
These voices also keep the market's bullish sentiment on Bitcoin and cryptocurrencies continuing to heat up.
Analysts almost universally believe that Bitcoin's imminent halving is the main catalyst for the market's rise. If this is true, then we have reason to assume that Bitcoin's price performance will show an upward trend in the coming months.
Rising Bitcoin price will affect the entire cryptocurrency space
There is no doubt that the bull market of bitcoin price will have a positive impact on the competitive currency market. From the current point of view, most of the competitive currencies have ushered in growth in January this year.
And importantly, a full recovery of the market may change many dynamics in the cryptocurrency space. For example, bull markets have a history of weakening the dominance of the Bitcoin market, and this time is no exception.
In the long run, for the Bitcoin bull market to continue, progress needs to be made in platform development and adoption.
At the end of 2017, as the price of Bitcoin continued to hit new highs, Bitcoin transactions became procrastinated due to system throughput restrictions, and their transaction costs also rose.
In recent years, the development of the lightning network is to prevent these problems from occurring, and its effectiveness will be crucial.
Another key component of the market recovery is universal adoption. In the past two years, significant progress has been made in the blockchain field, and many major institutions are now accepting this technology.
Although Bitcoin's price trend in the future is not deterministic, market optimism is clearly increasing.
Are you optimistic about the market outlook?