Bitcoin, the censorship-resistant, disinflationary digital currency, formed to decouple money from the state in a decentralized, peer to peer, and trustless manner, is back. Yes, bitcoin is back again. The leading digital asset has recently broken its $156,250,307,438 market cap and is expected to make higher upward moves over the course of the coming months.
That’s certainly fantastic news.
But why?
Let’s take a look at the markets.
Bitcoin Statistics and Data
Transaction Volume
Bitcoin transactions have still been steady since the great bitcoin crash of early 2018. The rate of transactions has ranged from 144,00 to 250,000 on a regular basis. Transactions have trended up over the last year and are now around 250,000 to 300,000. The steady flow of transactions indicates a level of stability and use within the bitcoin ecosystem and a rise in transactions indicates a higher interest.
Bitcoin Accumulation
Research by Adamant Capital stated that Bitcoin was in Heavy Accumulation. The report suggested that Bitcoin whales were in accumulation of bitcoin among other compelling facts that have now proven to be a strong signal for the bull market.
Bitcoin Price
The price of bitcoin has continued to rise since its official bottom of $3,285 in December 2018. Bitcoin finally crossed over into bullish territory in the latter half of March 2019.
Bitcoin Development
More established players, such as Square, have stepped into the market to bring about exchanges and other value applications such as wallets, additionally, more are on the way. The Lightning Network continues to gain momentum and adoption, allowing for further functionality and potential use.
Applications such as Lolli and CasaHodl have helped to accumulate and simplify the process of being a bitcoin market participant.
General Market in 2019
Unruly intermediaries are slowly leaving the sector. One of the most promising signs of the bull markets may have been that of the moves made by the Binance token BNB. BNB bottomed at around $4.58 in in mid-December 2018 before seeing a rapid price appreciation.
As Binance continued to make moves throughout 2018 and the first half of 2019, the exchange and its digital asset continued to see a rise in use and in the value of BNB.
Binance has not been the only one. Litecoin did also signal a potential bull run as well, it enjoyed a price run up in the early part of the year prior to a slight decline in value.
The signs have been there in 2019.
– This article was originally posted at CryptoTraderNews
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