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Five Reasons to Believe That Bitcoin’s Price Will Go to $10,000 and Higher

  • Jack Thomas
    🤷 Opinions

    Looking deeper into things, Bitcoin being valued at $10,000 not only makes sense, it is surprising how undervalued it is

Five Reasons to Believe That Bitcoin’s Price Will Go to $10,000 and Higher
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Contents

Bitcoin has, over its time, had a myriad of value that people have thought suit it. From a couple cents to $20,000, the major cryptocurrency, as an asset, is hard to determine in worth. However, there are a few reasons to believe that at the current price, the coin is quite undervalued.

It can be quite easily predicted that Bitcoin could head to $10,000, even higher too, based on reasons such as the impending end of the bear market, the emerging bullish sentiment, blockchain adoption, its comparative value, and its untapped market.

The end of the bear market & start of the bull

While Bitcoin’s chase to $20,000 was punctuated with a sickening fall down to $3,000, there is not much wrong with the token being worth a couple tens of thousands of dollars. That last rally, however, was parabolic and became a speculative bubble based on not a lot other than hype.

It caused a bear market to follow, but in that market, the fundamentals of the technology as well as the general market, had time to grow and mature and now, with crypto spring abounding, there is a good foundation for a bullsh run.

Blockchain building

Blockchain, the underlying technology, has also had time to grow away from the hype of Bitcoin. In this time, the technology has been identified by a lot of major companies who want to utilize it and thus push the adoption.

Blockchain is separate but interlinked to Bitcoin, and that separation means it can move along on its own, but positive news accomplished by blockchain can have a good effect on the market as there is a showing that big companies are interested in the entire space.

Small fry asset

Currently, the Bitcoin market is valued at less than $100 billion, and while that sounds like a lot of money for a totally digital asset, in comparison to other assets which have less application and future use, it is tiny.

Bitcoin’s value could rise 10-fold and its value would still be under $1 trillion, and considering the US national debt is $21 trillion alone, it really puts things in perspective.

Untapped market

Bitcoin and the other cryptocurrencies, as well as the blockchain, is still searching for its ‘iPhone moment.’ That is to say, it is waiting for that mass adoption time where it becomes integral to life going forward. Once the killer app is found for Bitcoin and blockchain, there is bound to be an explosion in this limited asset.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3

  • Alex Dovbnya
    📰 News

    Cryptocurrency exchange Huobi announces the results of its quarterly burn

Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3
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According to a press release obtained by U.Today, Singapore-based exchange Huobi continues to reduce the supply of its native Huobi Token. In Q3, it burned $40.63 mln worth of HT, which represents a 70.6 percent increase compared to the previous year. 

Huobi purchases back outstanding tokens from investors in order to reduce the circulating supply of HT and stabilize its price. It is worth noting that the amount of tokens it burns every quarter depends on particular market conditions.   

The company cites the success of its spot trading and derivatives trading markets as the main reason for another token burn. 

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Huobi Token is the second-largest exchange coin token after Binance Coin (BNB). At press time, the coin's price is sitting at $3.46 with its market cap exceeding $810 mln, according to CoinStatsData.    

Huobi Global CEO Livio Weng claims that the cryptocurrency plays "a core role" in the Huobi ecosystem.  

"Huobi Token plays a core role in the Huobi ecosystem. The continued growth from Huobi’s token burns reflects the community’s active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on."

One of the oldest crypto trading platforms has already burned 13.8 percent of its native coin's circulating supply, which is currently sitting at 234,205,522.92 HT. 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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