2020, Bitcon and Crypto Tide

in SteemCoinPan •  24 days ago 

This article is inspired by one of @donekim posting.
I tried to understand the posting and search additional information to deeply understand the trends and double check some facts.

In 2020, there have been so many dramatic things.

First of all, COVID-19 pandemic covered all human territories while we human were not ready to fight with. We still do not know the exact origin, the virus working mechanism, the ways of transmission and the effects and symptom.
In short we human still haven’t conquered this disease yet.

From this COVID-19 pandemic, global economy has been in down turn from 2nd half of 2019 through the end of this year.
Many countries have applied economic stimulus and social protection programs, but this sort of measures may be temporary if we human cannot find the ways to protect humans from this virus.
Fortunately, many pharmaceutical companies are developing vaccine and already in delivery to urgent countries such as GB, Indonesia, US etc. But still we don’t know the side effect of the many vaccines.

And Bitcoin price has increased whole this year 2020.

Especially, the price has increased rapidly in 4th quarter this year. Institutional investors have bought many bitcoins from November that is very different point compared with 2017 Bitcoin rising market.
Grayscale, CoinShares and Micro strategy now holds almost over 550,000 BTC based on crypto market analytics.

Just on November, Grayscale bough 55,015 BTC while total mined Bitcoins stay at 27,881 BTC which is almost double purchase than the number of mined coins.

Source: Coin98

Bitcoin dominance increased to 70% of whole crypto market volume from 57% on last September.

I heard that one of the reasons Institutional investors buy Bitcoins is they try to hedge high inflation risk that comes from much floating funds that government released to boost economy.
And Bitcoin itself investment attractiveness has increased regarding recent diversified crypto utilities.

One of interesting points are that altcoins prices have not paired with Bitcoin. Only some of major altcoins prices have increased together.
I accept this as crypto market is getting matured that weak and low competition blockchains and coins/tokens are being separated from the main stream of Bitcoin. And some professionals say that “trickle down” effect would not be so big as we had in 2017, because the institutional investors would not take huge consideration on small and unreliable altcoins.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

kopasi님이 harryji님의 이 포스팅에 따봉(20 SCT)을 하였습니다.

감사합니다 새해 좋은일 많기를 기원드립니다

@harryji transfered 5 KRWP to @krwp.burn. voting percent : 25.14%, voting power : 61.90%, steem power : 2003313.93, STU KRW : 1200.
@harryji staking status : 1138.625 KRWP
@harryji limit for KRWP voting service : 2.277 KRWP (rate : 0.002)
What you sent : 5 KRWP
Refund balance : 2.723 KRWP [49933467 - 0d69cb839a76babe3f4b981ede2314b414a2ac78]


abdullar gave harryji gifts(30 SCT).