TechCrunch Founder Echos Community Sentiment: Never Been More Bullish On Cryptos Than Right Now
TechCrunch Founder Says He Has Never Been More Bullish On Cryptocurrencies
Michael Arrington, the founder of TechCrunch mentioned on Twitter that he has never been more bullish about crypto than what he currently is. Mr. Arrington is also the founder of Arrington XRP Capital. The comments he gave come just after the firm secured rounds of more than $100 million to invest in firms in the crypto space.
Michael Arrington Bullish About Crypto
Although there are several altcoins that are performing very positively in the market, people remain very bullish about Bitcoin and its future in the cryptocurrency market. During the last few days, Bitcoin has been traded around $4,000 and it seems that the digital asset wants to end this bear market by breaking above $4,200.
According to Alex Krüger, a cryptocurrency analyst and trader, if Bitcoin breaks above $4,200, it could start moving faster. Nonetheless, Bitcoin was not able to test resistance levels above $4,000. It is also worth mentioning that technical traders are currently providing different insights about what can happen with Bitcoin in the short term. Some experts believe Bitcoin could continue dropping before breaking above $4,200 while others remain bullish following some technical indicators such as the 150 daily moving average.
As the crypto market operates stable, there are some companies that continue developing their products. Even though, since December 2017, Bitcoin lost more than 80% of its price and many Initial Coin Offerings (ICOs) and projects had to shut down their operations. Other cryptocurrencies have fallen even further reaching 99% of retracement.
It is also important to take into account that the fundamentals behind Bitcoin are also very bullish. Indeed, the number of transactions per day has reached its highest point in more than 12 months. Indeed, the tx number has reached the same values as during the bull market in 2017.
The hash rate of the Bitcoin network has also been growing since December, and it is much higher than a year ago. That means that the network is much more secure than what it was 12 months ago.
Although these things are very important to understand how Bitcoin works and how valuable a network is, the price of virtual currencies does not necessarily reflect all the improvements that the space is experiencing.
At the time of writing, Bitcoin is being traded around $4,100 and it has a market capitalization of $72.2 billion.