Bitcoin Is 'Winning the Adoption Race' in the Crypto Space, Says Bloomberg Analyst

Francisco Memoria

A report published by senior commodity strategist for Bloomberg Intelligence Mike McGlone has revealed the analyst believes bitcoin is “winning the adoption race” in the cryptocurrency space and could keep rising in 2020.

According to the report, there are two factors to take into account benefiting bitcoin: its fixed supply of 21 million BTC, and increasing adoption as a store-of-value asset. The analyst wrote BTC’s supply is set to increase only 2.5% this year, on its path to “zero growth.”

The report adds:

Our takeaway is straightforward: Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favors independent quasi-currencies.

McGlone also predicted the flagship cryptocurrency’s volatility is set to keep on declining, expecting it to find support at the $6,000 mark, and to face resistance at $10,000. The analyst added, nevertheless, bitcoin is likely going to migrate towards its 2019 high close to $14,000, but won’t maintain that level for long.

For a third time, the analyst wrote, bitcoin may remain within the previous year’s range. This as a primary metric being used to measure demand for BTC, addresses being used, has stabilized “indicating similar for prices.”

As for other cryptocurrencies, McGlone wrote that there are “too many crypto-assets competing for adoption” which will keep market prices “biased to the downside.” For cryptoasset to appreciate in the future, he wrote, the rapidly rising supply of new coins will need to drop, as last year a total of 3,000 new cryptocurrencies entered the market.

Its graphics suggest, it adds, a stall in the supply of new coins at the end of 2018 coincided with a bottom on the MVIS CryptoCompare Digital Assets 100 Small-Cap Index, a market cap-weighted index tracking the performance of the 50 smallest digital assets in the MVIS CryptoCompare Digital Assets 100 Index.

Featured image via Pixabay.

Crypto Market Update for 24 February 2020: BTC, ETH, ADA, and TRX

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and TRON (TRX) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).

All market data used in this article was taken around 10:00 UTC on 24 February 2020 from CryptoCompare, which also provided the price charts shown in this article.

Bitcoin

BTC-USD 24 Hour Chart on 24 Feb 2020.png

BTC-USD is trading at $9,715. This means that the Bitcoin price has been under the $10K level since February 20. Still, Bitcoin has still managed to gain +37.60% against USD in the year-to-date (YTD) period.

As for why Bitcoin is having trouble breaking through the $10K level, one theory is that Bitcoin is currently being seen more as a "risk-on" rather a "risk-off" asset; another is that Bitcoin whales are manipulating the market.

Here is prominent crypto analyst/trader Josh Rager with some technical analysis of Bitcoin's latest price action:

Ethereum

ETH-USD 24 Hour Chart on 24 Feb 2020.png

ETH-USD is trading at $265.99. Although ETH-USD has dropped 0.92% in the past seven-day period, for the YTD period, it is up +103.37%.

Cardano

ADA-USD 24 Hour Chart on 24 Feb 2020.png

ADA-USD set a six-month high on February 14 when it hit $0.07083. Since then, it's been going downhill.

Although the 7-day and 10-day pictures look bad, Cardano's return-on-investment (ROI) figures (against USD) for the 30-day, YTD, and 90-day periods look quite decent, being +36.99%, +76.77%, and +60.44% respectively.

On February 21, IOHK tweeted that the Cardano network had successfully carried out a scheduled network upgrade (a hard fork) to bring in Ouroboros BFT (a new consensus mechanism):

 TRON

TRX-USD 24 Hour Chart on 24 Feb 2020.png

TRX-USD is trading at $0.0204, which means that TRON is currently the 16-th most valuable cryptoasset by reported market cap.

TRX-USD has dropped -6.35% in the past 7-day period, but so far in 2020, it is up +54.45%.

Earlier today, in an article for Coindesk, Alexander S. Blum, the Chief Operating Officer of crypto finance firm Two Prime, wrote:

"Viewed through the lens of traditional finance, TRON is acting pretty predictably. It is acquiring more market share through the acquisition of weakened competitors, like BitTorrent, and their networks while promoting their retail financial product. They’re performing a balancing act between being a financial product and a technical one...

"Justin is leading TRON as a for-profit business pretty well. Why does that irk many hardcore developers? For those in the Western world sticking up their noses at TRON, it’s worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism...

"The emergence of TRON in highly competitive Asian markets is commendable. They are pioneering a new business model and creating wealth ex nihilo – out of thin air – because they focus on what works today. Their users share the company’s pragmatism. TRON, EOS and Ripple are pioneering community-centric financial products that offer exciting new models for wealth creation."

Featured Image by "AhmadArdity" via Pixabay.com