5 ‘bullish’ trends for bitcoin price, according to Bloomberg

Bloomberg listed 5 notable bullish trends for Bitcoin, despite the price break from a few days ago.

Bloomberg emphasized the 5 rising trends of Bitcoin in a news published yesterday. These are listed as follows:

Network effect

The number of Bitcoin users continues to grow, giving the leading cryptocurrency an advantage that is hard to beat by its competitors. According to data from ByteTree.com and Glassnode, there are currently over 30 million active wallet addresses.

Market depth

The Bitcoin futures market is growing rapidly at the CME Group. Open positions have tripled this year, making it easier for traders to trade in the market.

12,000 unpaid contracts in the CME, about three times the average level in 2019. A futures contract corresponds to five Bitcoins.

Delays fixed

One of the problems that disturbed the market in 2017 was the long delays in transactions. The problem was largely addressed through software changes and process pooling.

The memory pool (mempool) sizes, where transactions are waiting before they are approved, are considerably lower than in late 2017.

“It’s different right now,” said Mati Greenspan, CEO of market consulting firm Quantum Economics. When we saw that Bitcoin rose this much last time, the block chain was about to collapse, but since then, improvements have been made in the network. said.

Alternative entity

With bonds offering very little return, traditional investors are forced to reassess their portfolios.

In a report released in October, Fidelity Investments said Bitcoin’s low correlation with traditional assets is an encouraging first sign that the currency can be used as a portfolio diversifier.

The largest cryptocurrency hardly correlates with any of the major assets.

Computing power

The computing power devoted to running the Bitcoin network has flown in the past two years. Hash rate, a common measurement term, has increased exponentially.

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