I might be wrong but I'm guessing that only a small % of the 16.5 million bitcoins are actively traded, and this may go some way to explaining why it's so volative for something with a market cap of nearly $1 trillion. I also imagine that there are fewer institutions and professionals trading this market than bluechip stocks, which might compound the skittishness. I suspect bitcoin traders might be a bit different to the major players on Wall St.
No worries, it's all good! I don't know how traders who use leverage handle such huge volatility, I guess it's all good if you can get on the winning side I was watching during the flash crash and saw >6 figures "paper" loss in my crypto portfolio, but to put it into perspective, it's just back to a week or 2 ago Not gonna lie, it sucks, because now btc is grinding back up again slowly, but since there was no plan to sell any time soon, this situation is more of a nuisance. I held through 3 months of sideways with btc at $30K, so we're still ok here Plus, $60K by end of September and $100K before eoy are still in-play
Why El Salvador officially legalized Bitcoin, but did the Bitcoin price drops? If Bitcoin price drops usually another crypto will follow to drops, what interconnection between Bitcoin and another coin?
Bitcoin is unlikely to ever hit 1m$. It is more likely to get banned in atleast one first world country IMO. Bitcoin only went up a 3x from the last bubble of 20k$. Do you realize how far 1M$ is? Worlds most famous billionaire is already in, who else can top this? Saylor recommended mortgaging your house at 60k$ to buy bitcoin. The same guy who called it a scam 8 years ago I found it interesting, a guy in germany who made millions of $ from Bitcoin is now donating money to an environmenalist party that is considering a ban on Bitcoin. Bitcoin is 10 year old concept with trash technology that can do nothing but transfer the tokens from one owner to another - which on top of that is expensive and slow to do. It has proof of work consensus mechanism, which requires miners to perform arbitrary mathematical operations to secure the network. In exchange, the miners receive the inflation and sell the tokens to cover their cost of operation. It burns as much electricity as whole countries only to pollute the environment. More hash power doesn't equal greater security as majority of the hash power is concentrated in like 10 pools. It's highly volatile because it's main use case is speculation.
Yep, I'm not sure Governments would stand by and let it reach $1m. That would give it a market cap of over $16 trillion. To put that figure in perspective, all the above ground gold reserves in the world are worth $11 trillion, and total US national debt is $26 trillion.
Why people discuss market cap of a crypto like if it was a stock? I never hear discussion about dollar and euro market cap... Or gold market cap... I think it doesn't make sense to discuss crypto market cap, in a global economy that prints cash like it's shitting it out of nothing. I guess any excuse is good to say that this is going to zero. I heard this since inception. I probably even said this myself 10 years ago...
Bitcoin is going to $2M according to the research report by Greg Foss Fidelity says bitcoin is going to $10M before end of the decade and to $100M by 2035 I don't know if I'm ready for so much $$$