At press time, the father of cryptocurrency is back up in the $6,400 range after falling to just over $6,300 during our previous price coverage. As mentioned before, the currency has seemingly found a comfortable spot between $6,300 and $6,500 and hasn’t moved from here for several weeks minus a few small jumps and falls along the way.

One source mentions that “nothing new” is happening in the BTC market, and while it’s hard to admit, there seems to be some truth to this statement. We are still witnessing stagnation in the currency’s price while awaiting news regarding the stance of the VanEck SolidX bitcoin ETF. There are things traversing the horizon, but nothing within our grasp.

BTCUSD: BITCOIN and D4rkEnergY Want to Take This Chance to Apologize to

Qries

This raises an important question: is bitcoin losing its popularity? Has the wild interest of last year subsided, and are once prominent investors turning their attention to other entities? As of late, the cryptocurrency arena is stuffed to the brim regarding news of stable coins, which have appeared in droves over the past few months. New entities include HUSD – an asset released by the Singapore-based cryptocurrency exchange Huobi – and USD Coin, released by trading platform Circle.

USD Coin is now so popular that mega-exchange Coinbase has made a place for it in its marketplace amongst its many other tradeable assets including bitcoin, Ethereum and Litecoin.

In addition, blockchain employment platform Emparta has formed a partnership with Australia’s oldest crypto-trading platform Bit Trade to form a new stablecoin set for release in 2019. Bit Trade’s managing director Jonathan Miller explains:

“Stable coins solve one of the principal issues that may drive investors seeking steady returns and merchants that currently accept traditional currency away from digital currencies: volatility. We believe stable coins will boost trust, accelerate widespread adoption, and could function as the backbone of blockchain-based financial applications.”

Stable coins are often viewed as the answers to price swings and volatility, which have caused bitcoin to lose a lot of stamina amongst both traditional and institutional investors. Everyone wants a return, and the thought of losing money as quickly as it’s invested is frightening. Thus, many Wall Street players have been reluctant to get involved in the cryptocurrency space.

Bitcoin has proven to be a wild product of volatility, though lately, it’s experiencing its lowest levels yet. Unfortunately, this may be coming a little too late. Stable coins are impressive to most people as they are tied to fiat currencies and are thus protected against the fluctuations one often sees with standard digital money, so if a currency unit is tied to the U.S. dollar, then one coin is equal to – and always will be equal to – one dollar.

Bitcoin Charts by TradingView

Image(s): Shutterstock.com



1 COMMENT

  1. Based on my technical analysis, it is not subsiding. BTCUSD is still in a consolidation phase. One has to take into account declining volume not starting from this year, but analyze volume from all prior years. If we look at short term analysis, one could have said that interest is subsiding between December 2015 and October 2016, but then we all know what happened in 2017. Every market has cycles, including BTCUSD and all other crypto-currencies. Typically volume declines during the interim of consolidation. However, if we remove the hyper-bolic period and we can still see that there is a steady increase of both volume and value of multiple years time. BTCUSD still could drop tomorrow, but it still looks natural for that to happen to finish out the consolidation based on my analysis. However, everyone at this future time will think it is the end of BTCUSD and that’s when we know BTCUSD has bottomed out and ready to begin climbing in value. This is just a cyclical pattern until you then see an increase in volume and value. At that point, you will have your answer of waxing or waning interest.

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