Cryptocurrency market shows signs of life following tumultuous turn
Although total market capitalization is still not up to pre-crash levels, Wednesday’s bullishness is a definite stride in the right direction following a worrying period of bearishness, the likes of which have not been seen for quite some time.
Bitcoin didn’t fare too badly compared to other less-established coins; having said that, the days of bitcoin breaking all-time highs on an almost daily basis – at one point, even surpassing $3,000 USD a pop – do seem like a distant memory at time of writing.
Indeed, the average price of one bitcoin currently stands at $3,108.37 CAD ($2,404.46 USD) as of 12pm, ET, Wednesday, according to indexing data from CoinDesk – up 3% against the US dollar in 24 hours.
Admittedly, 3% isn’t all that much but, given its recent behaviour, it’s nice just to see BTC in the green again for a change, especially considering the widespread uncertainty – fuelled by next month’s potential hard fork – regarding the coin’s future.
Debate over how best to scale bitcoin rages on whilst most investors are reduced to mere spectators, listening intently for anything positive to allay their fears and concerns.
In other news, bitcoin’s acceptance as tender is virtually zero and shrinking, according to an analyst at Morgan Stanley who made internet headlines today with his research note revelation.
Last year bitcoin was accepted at five of the top 500 online merchants, whereas today just three of the top 500 merchants accept bitcoin as a form of payment, says the bank.
So why is this? Well, most commenters venture two primary explanations: firstly, the mounting concerns over scalability and secondly (and perhaps most importantly), the sheer volatility of the coin.
This backs up what we’ve been saying for some time; bitcoin, like much of the crypto market, is less of a currency and more of a digital asset or investment vehicle.
Who would want to buy or sell goods in a currency which routinely fluctuates by hundreds of dollars in a matter of hours; it’s just not good for business.
It’s clear we’re still very much at the dawn of the hopefully prosperous and enduring age of the blockchain-based currency and, as such, only time will tell how this all plays out.
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