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Market Researcher: ‘The Next Bull Run Will Be Even Bigger’ — Bitcoin to Soar Past $20,000?

Market Researcher: ‘The Next Bull Run Will Be Even Bigger’ — Bitcoin to Soar Past $20,000?
Cover image via docs.google.com
Contents

Through 2017, when Bitcoin managed to increase its value 2,000 percent, going from $1,000 in January to $20,000 in December, not many in the investing market had ever seen such activity from an asset, leading Bitcoin to be dubbed ‘digital gold’.

Of course, in hindsight, this turned out to be a bit of a speculative bubble as the price of Bitcoin fell back down to lows of nearly $3,000. However, a resurgence is happening as the price of the major cryptocurrency begins to creep up once again.

This slower, more measured, more experienced return to a bullish market has one industry researcher suggesting that the next big bull run from Bitcoin will actually take it further than the previous $20,000 all time high.

A greater bull run

A well-known researcher in the industry and co-founder at Delphi Digital, Tom Shaughnessy says this recovery will lead to a bull run far greater than that of 2017.

In a Twitter post, the researcher said the 2017 bull run was triggered by a hype due to the new cryptocurrency technology at the time, which probably explains why it didn’t last, but the coming one will be based on an appreciation of the technology and its potential to offer solutions to financial issues with the present institutions.

Shaughnessy has a point, as a look at October 2017 to now, when the price of Bitcoin was $5,200 at both these time periods, shows a very different market and space for blockchain and cryptocurrency.

A new interest

The cryptocurrency space today is far more dominated and full of institutionalised and enterprise use cases. The likes of IBM, Amazon, Microsoft and more billion dollar companies are looking at how blockchain can be used, and how cryptocurrencies can aid that.

Because of this new type of ‘investor,’ the growth of interest will be grown off the back of real application and use rather than just greed and speculation.

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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
Cover image via www.123rf.com

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. 

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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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