Bitcoin price increased slightly, cryptocurrency market turned green

By Selena On Jan 1, 2020

In the first six months of 2019, Bitcoin price has risen about 310%, from a low of $ 3,355 on January 29 to a high of $ 13,973.50 on June 26. However, the second half of the year was a disappointment as prices continued to fall and lost more than 50% from its highest level at $ 13,973. And in the early days of 2020, after falling slightly yesterday, today’s Bitcoin price has recovered a bit.

Bitcoin price and cryptocurrency market today witnessed a slight increase

After many forecasts, Bitcoin will likely increase to $ 10,000, and the Bitcoin price has not been able to overcome the resistance of $ 7,400 – $ 7,600. At press time, the price of Bitcoin is fluctuating around $ 7,230, up slightly by 1% in the last 24 hours.

Source: TradingView

According to the chart above, the 20-day EMA has been flattened out, and the RSI is close to the midpoint. This shows a balance between buyers and sellers. If the price of Bitcoin rises to $ 7,856, this will be a sign of the bull market as it will push prices above the bearish wedge pattern that has been applied for the past six months. Bitcoin’s future goal will be $ 10,360, and the next level to note is $ 12,000.

Conversely, if Bitcoin does not sustain above $ 7,000, the Bitcoin price will drop to $ 6,435 soon.

The second-largest cryptocurrency in the market is Ether, currently at $ 131.82. This number one altcoin has increased slightly during synchronization with Bitcoin, recording an increase of about 2% at pres time. The altcoin also recorded a 4% increase in the past seven days.

The third-ranked cryptocurrency, XRP, is no exception in today’s uptrend. XRP is currently trading at $ 0.193, down 2% at press time.

Source: Coin360

Most of the top 20 cryptocurrencies are showing signs of a slight recovery. In particular, Cosmos (ATOM) is showing an increase of about 6%. In contrast, Tezos (XTZ) and LEO token (LEO) have dropped slightly by 0.5% and 1.5% in the last 24 hours.

With substantial volatility, cryptocurrency market capitalization is maintained at $ 192 billion.

Four competitive advantages help Bitcoin dominate the market in 2020

Analyst Konrad S. Graf has listed a range of competitive advantages that Bitcoin holds.

Konrad S. Graf, author of On the Origins of Bitcoin: Stages of monetary evolution

Scarcity

One of the factors that separate Bitcoin from other currencies is that it has a total fixed supply.

Mr. Graf said:

“Bitcoin’s leading competitive advantage lies in its ability to limit the number of newly issued coins, as well as the level of confidence in controlling the level of coin issuance.”

As stated by the whitepaper, Bitcoin’s total supply will not be changed and will be fixed at 21 million coins. At press time, there were about 18.1 million BTC mined, and it is expected that by 2140 Bitcoin will reach the maximum total supply.

Apolitical value transfer

This feature makes Bitcoin extremely useful in person-to-person payments, as a financial immunity protocol with the constraints commonly encountered in fiat currency.

Graf analyst explained:

“In a world where even the most conventional systems can still be intruded by politics, having a neutral advantage like Bitcoin makes it possible for anyone to participate in this network. The new payment field is where Bitcoin creates its most competitive applications.”

Technical strengths

Another advantage of Bitcoin compared to Altcoin is the technical strength of this cryptocurrency. As AZCoin News mentioned, the hashrate growth rate of the Bitcoin network is always higher than other Altcoins, whether it be Ethereum or a top coin.

Graf said:

“Bitcoin currently has 97 exahashes defending its network, compared to 2.5 exahashes of BCH, which means that the hashrate of BTC is 39 times higher than its direct competitor.”

Bitcoin network hashrate vs. Bitcoin Cash, Bitcoin SV | Source: Coin.dance

There is no organization behind Bitcoin

Referring to the issue of centralization, the ultimate advantage that Bitcoin possesses to outperform the ‘enterprise’ blockchains out there is that it has no political entity.

This benefit had become more apparent than ever in 2019, at a time when Facebook announced its ambition to issue a stablecoin called Libra and received a lot of negative attitudes from the community.

Mr. Graf concludes:

“As you can see, Bitcoin has no CEO to be called to Washington to question.”

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