The incredible BTC growth continuesJun 26, 2019
According to the information resource CoinMarketCap, over the past 24 hours, the first cryptocurrency has risen by more than 13.5%, showing the best result among the TOP-10 coins by capitalization. The price of BTC has come close to the psychological level of $ 13,000. This is the maximum price value since January 2018. At the same time, trading volumes are kept below the record level, which was set in May of the current year.
It is noteworthy that majority of the coins, with a capitalization of more than $ 1 billion, reacted very poorly to the incredibly strong BTC growth. So Litecoin, EOS, Binance Coin and Bitcoin SV are kept at zero, completely ignoring more than 13% growth of the largest coin by capitalization. As a result, the share of BTC increased to 61.9%, while capitalization exceeded $ 227 billion.
In an interview with Fox Business, ThinkMarkets online broker analyst Naim Aslam stated with confidence about the potential BTC growth to the area of $ 60,000 – $ 100,000. He notes the nearest targets are at $ 20,000 and $ 50,000, but says that after updating the historical maximum there will be no more conservative forecasts.
As key growth drivers for BTC, Aslam points out all known factors:
– trade war between the USA and China;
– increased of uncertainty in stock markets (USA, China, Europe);
– the risk of a new military conflict in the Middle East.
All these factors increase the business demand for BTC, while the price increase attracts the attention of investors, including institutional ones.
Mining Farm in California
California mining company Plouton Mining has announced plans to build North America’s largest cryptocurrency mining farm, powered by solar energy.
“An outstanding combination of nature and technology will initiate the next stage of Bitcoin mining, as well as confirm the stability and decentralization of the first cryptocurrency network. We are pleased to offer people the opportunity to participate in the growth of Bitcoin, while they will not need to buy mining equipment on their own, ”said Plouton Mining CEO Ramak Sedigh.
Investing in such large meeting farms is another factor indicating the potential for further growth of BTC and other coins from TOP-10 to capitalization.
At the same time, as the rapid growth of BTC increases, the risk of a corrective decline increases either. Even before Bitcoin’s breakthrough of resistance level of $ 11,700, many analysts noted an increasing risk of its correction. So, Tom Lee co-founder of Fundstrat Global Advisors, citing technical analyst Robert Slymer, expressed doubts about the ability of the price to continue to grow.
Thus, to exclude the development of a sufficiently strong corrective decline is extremely difficult.