Bitcoin's Surge in Context- Deep Value in Cryptocurrency Assets
Bitcoin has surged above $8,100 as the stock markets have faced uncertainty during the US/China trade war. Amazingly, the cryprocurrency market has surged back above $250 billion, representing an increase of more than 50% in 2019 YTD. Bitcoin has yet to be tested during an economic downturn, and looks to be a store of value during uncertainty and a great investment at the current price in Q2 2019.
Bitcoin has been on a tare since Q2 2019, appreciating approximately 50%, and maintaining a market dominance above 50%. Bitcoin itself drives the market and has seen organic adoption. The halving of rewards from 12.5 BTC per block to 6.25 BTC per block is less than 1-year away, which is an organic catalyst for Bitcoin's growth.
Altcoins including Binance Coin, Ripple's XRP and Etheteum have notably appreciated 50-300% during the time Bitcoin has risen. It looks like there is still alot of value left, with charts on many altcoins signalling excellent technicals and near-term golden crosses.
As market uncertainty rises, it looks like Bitcoin and the associated cryprocurrency market will fill in for gold as a store of value. As institutions including Fidelity and TD Ameritade being their trading desks, expect volumes to increase and value to follow suit. Buy now and prepare for a precipitous rise in value.
Picture from Pixabay.