In the past 2 months The digital asset market is entering an uptrend or Bull Run just by dipping into Altcoin (various digital tokens). That are not mainstream coins) that no matter which investment is poked, they are incredibly profitable. Unlike other altcoins, Bitcoin, the world's number 1 cryptocurrency, is even more than $ 19,000 before plummeting more than 15%.
The reason why the Bitcoin price has plummeted. Analysts expect higher mining difficulty values. By the difficulty of mining (Difficulty) crypto currency. This is due to a number of factors, including higher transaction fees. Limitations in various fields May include a large number of investors who come to invest. However, there have been a large number of large investors selling bitcoins over the past three to four days, resulting in a price drop.
Bitcoin had hit $ 20,089 on December 17, 2017, or three years ago, which may have pushed the current price to higher than its previous high, even though the bitcoin price was It started swinging in late 2020.
Mati Greenspan Founder of Quantum Economics pointed out that in addition to the near-high Bitcoin price, there is another XRP coin that has traded very close to the all-time-high level since the year. With a 118% increase over the past seven days, more investors are redirecting their investments to XRP.
Although the fee rate is higher Including investors starting to sell to other cryptocurrencies, Mati added that bitcoin remains the most watched cryptocurrency in late 2020 to early 2021 due to Considering the speed at which Bitcoin prices break resistance recently, they can rise to new all-time highs. Because bitcoin is an asset beyond systematic risk, it is also considered the longest-ever crypto.
Jirayut Sapsrisopa Expert Cryptocurrency & Blockchain Technology Founder of Bitkub and Director of the Thailand Fintech Association Revealing the overview of the current crypto market that is like any other asset market, be it financial markets, stocks, or even gold markets, everything has an uptrend Which are all factors While the digital asset market is a relatively young market that has launched quite interesting.
Therefore, the price of digital assets that has steadily increased over the past few months did not happen either. Coincidence, but there are many reasons such as
1. The latest Bitcoin Halving event has resulted in a halving of the reward received by mining or confirming Bitcoin transactions. As a result, the number of miners with mining force or resources on hand that can compete for confirmation of the first transaction has been reduced as mining has become inefficient. And when resources The number of transactions that is followed is that the transaction confirmation is significantly slower. Investors need to increase the transaction cost to speed up the transfer process.
This resulted in a chain. In particular, most global trading sites that are Global do not have cash and coin trading partners. Instead, it uses mainstream coins to match, buy or sell digital assets. Most of the major intermediary currencies are ETH, USDT and, of course, the most popular of them are bitcoins, and with the advent of bitcoins it has halved. Resulting in the bitcoin circulating in the market It is a very tempting temptation to investors. As well as higher trading fees, Bitcoin coins. It is like one more pulling force at the value of a small coin High as well.
2. Believe it is an alternative asset of the world. After the crisis of the COVID-19 epidemic That affect all over the world Businesses have been lost, died or lost enormous amounts in this event, such as tourism, real estate, land, hotel and travel. In addition to the value of mutual funds or even stocks related to these businesses, they lose value and a lot of investor confidence. But at the same time, businesses that are related to digital or the modern world or businesses that can be done online are not growing in value such as Zoom stocks, Slack, or even online store platforms. That is more popular. Since people are detained in the house, shopping online is a convenient channel.
3. Many global asset and financial institutions are increasingly interested in and owning digital assets. At the same time, Thailand itself, the big news that just recently came out, is the Stock Exchange of Thailand. Partnered with KTGB to develop a comprehensive trading platform, including STO (Securities Token Offering).
4. News of the arrival of ETH 2.0 and the upcoming hard working of BCH and XRP for ETH, it was announced earlier that their blockchain system will be updated to version 2.0. The speed range as well as the stability of the network are more efficient. There is also a buzz of BCH and XRP with a hard fork going on, or simply calling anyone with BCH and XRP in their hands will be able to earn new tokens or other coins to hard fork. This is another reason why investors are scrambling to acquire these coins.
All of these factors support that even though the global market still stumbles upon the COVID-19 outbreak. But the crypto market, especially bitcoins, is still on the rise and is catching up with both veteran and new investors.
