Bitcoin Becomes Buyable from Dow Investor Who Now-Notoriously Shorted BTC At $20,000


Do We Even Need To Tell You the BTC Price Right Now?

Live Bitcoin (BTC) Price:

1 BTC/USD =$50,684.5702 change ~ 6.47%

Coin Market Cap

$945.05 Billion

24 Hour Volume

$14.05 Billion

24 Hour VWAP

$49.59 K

24 Hour Change

$3,277.00

$BTC has skyrocketed! At its height, BTC increased by 25% in the past 24 hours. This moonshot from the crypto market leader has busted the entire market out of the structure that has been in place since late November. 🙌

You may remember the unfortunate story of Mark Dow. The former International Monetary Fund (IMF) economist decided to short Bitcoin from $20,000 USD to its $3,000 USD lows has recently affirmed, after the price spikes we are seeing today, that Bitcoin is “buyable” now.

According to him, however, the investors have to be smart, since the token may not recover if it does not go (and stay) in the $5,000 to $6,000 USD range for a while. This, he believes, could cause an even larger drop in prices.

Of course in the comments section of his own tweets he added this tweet was large in part to him needing buyers to sell his corn to with a subtle wink-jab to always leave things up for future outlook. Keep in mind, it was April's Fools day. 🤑

 

Is Bitcoin Really Buyable Right Now?

Dow shorted Bitcoin until it reached its lowest point in 12 months: $3,122 USD. After that, he decided that it was the time to stop since he did not want to “squeeze more out of the lemon” and ride Bitcoin to zero.

According to him, what caused the bubble was the fear of missing out (FOMO). People saw the price of the asset going up and they simply got way too hyped. Dow affirmed that this made the crash be even worse than it had to be.

He believes that the crash would happen in any case, but a lot of people who were moved by fear and hype, not facts, allowed the bubble to be unnecessarily so violent. The fundamentals simply did not allow Bitcoin to grow so quickly and even people in the industry were concerned back then. This obviously ended in the crash.

Even the co-creator and public face of the Ethereum blockchain, Vitalik Buterin, commented on this back in 2017. He affirmed that the value of the crypto market was unreal since the teams were not progressing so much as they could, but prices were.

This way, the crypto market achieved a value of $815 billion USD and went as down as $100 billion UDS in the following year. Now, however, the analysts are a little bit more optimistic and they believe that the market may have reached its bottom.

Bitcoin has now broken out of the $4,200 USD resistance levels and has two consecutive green months. Is the bear market over now? Still a little bit early to be 100% sure, but it is starting to seem that way.

This year, major institutions like Nasdaq, Fidelity Investments and the Intercontinental Exchange (ICE) are planning to enter the crypto market, so it seems that the bear is about to go away. Even Yahoo! is starting to open up shop for the crypto market in Japan together with SBI Holdings, so things are looking good right now.

Can Bitcoin Continue To Go Up?

It is hard to tell for sure whether Bitcoin will continue its rise. We are not at the verge of a new bull run, that’s granted, but the downtrend may stop for a while.

Now, we have to wait and see. If Bitcoin ends up the month above $5,000 USD, we have a great sign that the new floor is now stable. Even if it ends above $4,200 USD, it can still be good. However, if it falls below $4,000 USD, we may see another strong fall in prices.

Over 100 of Bitcoin's Offspring Record Higher Gains in Q1 2019: Are the Altcoins Officially Back?

The 2019 first quarter has seen cryptocurrency shake off the negativity surrounding it since 2017. This has resulted in the first quarterly growth of the entire market valuation since cryptocurrency began dropping in the last quarter of 2017.

Bitcoin showed a respectable increase of 10% this quarter, but it was nothing compared to some of the other high flyers. The price gains made by altcoins have overshadowed Bitcoin. This has lead to a decent sized increase in the market. The increase was fueled by trade in altcoins.

There have been many currencies that have outperformed Bitcoin. In fact, some have even managed to record triple-digit growth for the year-to-date. The fact that these 118 cryptocurrencies have done so well is a sign of a healthy market. The most surprising statistic is that the value of all other currencies has come within one percentage point of Bitcoin's market cap. This was unthinkable over a year ago when the prices of altcoin crashed even harder than Bitcoin.

Asset size performance benchmarks

There are a staggering variety of assets available to cryptocurrency traders in the market. Standing at two opposite sides of the spectrum are Ethereum and Dancoin. Ethereum has a total asset size of $15 billion making it the largest player excluding Bitcoin itself. On the other side of the asset value spectrum, you have Dancoin, with a total asset value of just $3 million dollars.

Gleaning data from Messari, one of the top cryptocurrency trackers int he world, paints an interesting picture. Their asset size segmentation provides a clear window through which various assets can be viewed.

Large Cap is considered an asset that has a market capitalization of over $500 million dollars. The biggest percentage winner was Binance Coin which recorded growth of 202% for the quarter. In stark contrast, Bitcoin SV showed a total loss of 26% of its value.

Medium Cap stands between $500 million and $100 million, where Ravencoin has been the biggest winner. It managed an exemplary rise of 386% overall. NEM, on the other hand, declined by 13%.

Small Cap assets are defined as having a market cap of between $10 million and $100 million. Pchain was the biggest winner, coming with a stellar 781% increase. This is the largest single percentage increase of all coins in the market. Grin, the privacy-focused cryptocurrency, lost significantly, however. Grin recorded a -70% loss, the biggest loser in percentage terms. Many believe that this is due to the tightening of regulations around the world. This places the coin on shaky ground with regards to regulatory matters.

Micro Cap is the last segment and every asset that falls below $10 million in market capitalization is in this range. The biggest winner out of all these coins has been OAX. The coin managed a phenomenal growth of 175%. Substratum, on the other hand, had negative growth. The -65% hit it hard.

While the stronger coins might have the trading volume, they are not the best performers. Data confirms that while these coins might have the volume and market cap, they simply cannot keep up with the changes and innovation that newer entrants into the field bring.

It is important to note that market cap in terms of cryptocurrency should not be looked at in the same way as when talking about publicly traded and listed companies. Lost coins are not part of the circulating supply any longer. They cannot be used, traded or spent. Compared to a company, where only outstanding and liquid shares are taken into account.

Traders have come up with new terms for this new market. The term “realized cap”, which was first coined by Coinmetrics, tries to account for the specific limitations that cryptocurrency sets itself.

Crypto economy metrics looking good

Messari also defines various sectors of the crypto economy. Games related networks have increased in value by 64% on average, with a 1% median. This is in line with the volatility of the gaming market. Payment platforms have increased by 115% with a median of 39% giving rise to hope that crypto will soon be accepted more and more.

The most interesting sector has to be miscellaneous. The rise of the miscellaneous s sector was 202% showing how versatile blockchain can be and that it is being used for far more than just day traders looking to make a deal.

The sector performance has shown that 2019 will be a fantastic year for cryptocurrencies and blockchain.

Find Us: Telegram \\ Facebook \\ Twitter \\ Live Prices \\ Today’s News \\ BTC Charts

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide