The current rally in Bitcoin took this digital currency past the $8,000 mark as it doubled since the start of 2019. However, we must keep in mind that the CoinDesk market quote of $8,325 is said to be driven by what is called “whale” traders as fresh buying is clearly a vote of confidence in the digital currency. The all time high of nearly $20,000 is far away but the the foundation that was built in 2018 – many firms building infrastructure to support this ecosystem – could mean that this far away target is not as far as many think.
No one can confirm that flow behind the strong rally but some are now (market participants) think that the market will continue higher to perhaps $10,000 in the next 2 months if strong institutional support starts. There are those who thin the so-called whales are buying to stop out shorts in the market, while others are saying that the market will only rally for a short time.
The influx of dollar-subsitute “tethers” are now becoming popular in the market and the question is just how much true value these coins have. These tethers are for liquidity purposes but they may bring much more to this growing market. Bitfinex is a company that firm that is closely watched in this space and has been in the news recently.
We at Classiarius believe that the Bitcoin strength will eventually come from the strong build out of support structures – so 2018 was a building year, a building year for the future. If Bitcoin and other digital currencies beat the test of time, 2018 will be the key to that success as it will be known as the year in which the global foundation for digital was designed and laid out.