Faith in Bitcoin Remains Despite Block Size Debacle – Bitcoin News

Among the hullabaloo and escalating fear about a potential hard fork, the price of bitcoin swelled to $1212 on April 10, according to Bitcoin.com’s price index. People still have faith in digital gold. 

Also read: Mexico’s New Bill Could Be a Game Changer for Bitcoin

Nonetheless, this seems like an unprecedented rise in price. The community is still immersed in the tumultuous challenge of finding a solution to the block size dilemma. Some would think the resultant FUD would have caused investors to dump their holdings, inspiring a downward trend in price.

Faith in Bitcoin Remains Despite Block Size Debacle
The price of Bitcoin, a week ago.

The reverse is true, though: there has been healthy bitcoin trading on the market at the onset of April. A Crypto-Time article pointed out that the growth of Bitcoin this month coincided with marked “profits” in the Bitcoin space, which garnered attention of more speculators and investors.

This would make sense from a nontechnical perspective. Some investors may not understand all intricacies of Bitcoin. They might take risks without having full mechanical acumen of the cryptocurrency.

Everyone still trading, still hoarding; Bitcoin ATM’s

With that said, market actors with knowledge of Bitcoin are still trading, keeping, or hoarding the currency. If they would have thrown in the towel, the price would have started a downward spiral. This means that people still have faith the block size problem can be resolved without incident.

In addition, the price hike also comes on the heels of the downward trend spurred by SEC refusal to list a bitcoin exchange-traded fund, meaning that market actors aren’t concerned about political action either.

There is also other good news in the Bitcoin space. Even though the scaling debacle has caused some people to shake in their boots, there is more evidence that faith remains in Bitcoin.

On March 2, Razor-Forex.com penned an article that suggested Bitcoin ATM installations are still on the rise, and that coinatmradar.com reported that 53 new ATM machines were installed in a variety of different countries in March. However, Razor-Forex added:

Source: Faith in Bitcoin Remains Despite Block Size Debacle – Bitcoin News

Markets Update: Bulls Test the Psychological $1200 Price Range – Bitcoin News

This week in bitcoin-land has been pretty dramatic and entertaining, to say the least. As far as price is concerned bitcoin has had an incredible week escalating into new price territories. At press time the current price per BTC is $1188 taking a slight dip after yesterday’s $1202 high across global exchanges. Currently, there is heavy resistance in the psychological $1200 range as there are quite a bit of sell walls throughout exchange order books looking at depth charts. There has been plenty of plays for day traders looking for breaks and scalps if positions were played right.

Markets Update: Bulls Test the Psychological $1200 Price RangeTechnical indicators show bitcoin’s price is still a buyer’s market with the price still ascending upwards early morning on April 7. The 100 Simple Moving Average (SMA) shows the same patterns as the past two weeks trending higher than the 200 SMA trendlines. Future markets and throughout various trading forums show many traders are still betting “long” as opposed to trying to short the market. However, others believe technical indicators show the price may be in overbought territory. At the present time, the Relative Strength Index (RSI) indicates sellers may consolidate in the near future, but there seems to be a significant floor around the $1150 mark.

Markets Update: Bulls Test the Psychological $1200 Price Range
Trading View trader “Zippy1day’ BTC weekend outlook is “long.”

Cryptocurrency Markets Weekly View

Markets Update: Bulls Test the Psychological $1200 Price RangeOverall cryptocurrency market capitalizations have now reached $27.3 billion with 860 million in daily trade volume. Bitcoin’s market share dominance is close to 70 percent at the time of writing among the 693 cryptocurrency capitalizations. Currently, throughout the top ten forerunning digital assets most altcoins on the list have dipped in price. Ethereum’s price has dropped to a low of $43 per ether and captures close to a $4 billion market cap. Ripple’s (XRP) price had an exciting ride this past week reaching an all time high of 6 cents per XRP. However, the same day Ripple’s price also took a 50 percent cut and now sits at 3 cents a token.

The number four highest valued altcoin Dash has seen better days. Currently, the price per Dash has hit a low of $66 per token as many traders seem to be shorting the market. Litecoin’s (LTC) market value has had a stellar week reaching a high of 11.50 per LTC, but the price has since dipped to $9. Just as we said last week, the price rise seems to be attributed to Segwit activation as the digital currency’s network seems close to implementing the protocol.

The rest of the top ten cryptocurrencies Monero, Ethereum Classic, NEM, Augur, and Maidsafe coin are experiencing dips between 7 to 3 percent. Altcoins such as Golem, Zcash, and Tether have been steadily trying to enter the top ten race.

Source: Markets Update: Bulls Test the Psychological $1200 Price Range – Bitcoin News

Lots of Data in Cambridge University’s First ‘Global Cryptocurrency Benchmarking Study’ – Bitcoin News

Selwyn_College_Old_Court_Panorama_from_North-West_cornerSponsored by Visa, the research is conducted by Cambridge University Judge Business School’s Centre for Alternative Finance. Even though there are over 300 academic articles published on Bitcoin and other cryptocurrencies over the past few years, the report claims that they “tend to take a narrow focus.” This study is the center’s “inaugural research focused on alternative payment systems and digital assets,” the report reads. “It is the first study of its kind to holistically examine the burgeoning global cryptocurrency industry and its key constituents, which include exchanges, wallets, payments and mining.”

The research is based on non-public data from 114 cryptocurrency organizations and individual miners in 38 countries globally. Four surveys were conducted online, from September 2016 to January 2017. Report authors, Dr. Garrick Hileman and Michael Rauchs, wrote:

We estimate that our benchmarking study captured more than 75% of the four cryptocurrency industry sectors covered in this report.

Below are just some highlights of the report’s findings.

Source: Lots of Data in Cambridge University’s First ‘Global Cryptocurrency Benchmarking Study’ – Bitcoin News