Accumulation phase of BitcoinApr 22, 2019
According to CoinMarketCap, the total capitalisation of the cryptocurrency market continues to grow and already exceeds $177.7 billion, while the share of BTC is 52.7%.
Last week Bitcoin SV (BSV) sharply collapsed, losing more than 20%, the capitalisation of this coin decreased under the psychological level of $1 billion. Thus, the number of billionaires decreased to 13. The reason for a robust price collapse was the exclusion of the token from the list of Binance and Kraken two largest cryptocurrency exchanges. The Cardano currency (ADA) also completed a bad week, losing more than 13%.
Binance Coin (BNB) is the growth leader, adding more than 22%. In this case, the waiting factor works – market participants expect BNB to grow in popularity due to the launch of the Binance Chain network.
Ups and downs
One of the main events of the past week was the delisting of Bitcoin SV (BSV) and, as a result, a crash by more than 20%. The reason for this decision was the growing scandal between Craig Wright and the crypto community. The network is still controversial regarding the fairness of this decision. It is important to bear in mind that this decision can be made concerning any other project and token while being argued and vague.
The very fact of delisting is quite logical, and in some cases it is necessary. However, exchanges must follow some strict procedures to exclude tokens from the list. Only the fact of strict control and regulation will minimise the risk of monopolism of exchange, making the cryptocurrency market more decentralised.
The second significant event of the week and the year is a rise of BNB.
Binance Coin (BNB) updates historical highs to USD and BTC. Over the past seven days, Binance’s internal token has grown by more than 22%; since the beginning of the year, it has increased by more than 300%. The capitalisation of the coin is $3.39 billion, which allows it to be held in 7th place in the CoinMarketCap rating.
One of the growth drivers was the launch of the main network of Binance Chain – its blockchain of the exchange. Migration of Binance Coin to the native network is scheduled for April 23. There is also an opinion that Binance can lure projects from the Ethereum ecosystem, including using such an instrument of influence as listing/delisting. This supports Binance Coin.
Adamant Capital: Accumulation Stage of BTC
Analysts of the Adamant Capital cryptocurrency fund claim that Bitcoin has already reached the “bottom”, and now we observe the first stage of accumulation. The published report contains many arguments that an uptrend will occur in the next five years.
During this time, BTC will become more often used as a tool for hedging investment portfolios and reserve assets. Tuur Demeester and Michael Leskrauvet, the report authors say that Bitcoin will strengthen its status as a payment network.