Now that Bitcoin ( BTC Bitcoin’s recent pause near the $8,000 mark prompts us to investigate the genuine forces propelling this upswing.
During a Bloomberg TV appearance, Erik Voorhees, hailed by Forbes as “Bitcoin’s Last Gunslinger,” offered his thoughts as a pioneering advocate for decentralized digital currencies that defy traditional control.
A Deep Dive Into Crypto’s Rally
Cutting to the chase, Voorhees theorized that Bitcoin’s cyclical pattern of spectacular growth and sudden declines is a major factor driving the current market behavior.
He mentions that investors seem to collectively sense that the market has bottomed out, leading them to gradually increase their market involvement. Voorhees notes that such market movements typically arise from many individuals reaching similar conclusions, rather than being orchestrated by a single major investor.
He further explicates that the current rapid rise in Bitcoin’s price is a natural progression, essential for the digital currency realm’s journey from being an unknown to achieving billions in market value.
Watch Now: Crypto is Dominating the Globe, Says ShapeShift CEO on Bloomberg #bitcoin #ethereum #blockchain #finance https://t.co/GeaawM9B93
— Erik Voorhees (@ErikVoorhees) May 14, 2019
However, some speculate that the current trend is predominantly driven by favorable news. Researcher Alex Krüger on Twitter observed that 'large institutional players' engaging in 'structured buying' spurred the market.
Krüger analyzed trading volume, price dynamics, funding, and market structure, concluding that the surge was not initiated by retail investors. According to him, investors are likely positioning themselves ahead of a series of positive developments.
These developments encompass, but are not limited to, Fidelity's launch of Bitcoin trading services, Bakkt’s crypto futures initiatives, TD Ameritrade and E*Trade's foray into cryptocurrencies, and major U.S. retailers accepting digital payments indirectly.
Supporting data appears to confirm this. The CME Bitcoin futures recorded 33,677 contracts traded, translating to 168,385 units of paper BTC. Similarly, Grayscale’s Bitcoin Trust saw a remarkable trade volume of $141 million. These platforms are typically favored by institutional investors.
Regardless of what spurred this rally, Bitcoin’s long-awaited resurgence is invigorating investors.
Where’s Bitcoin Heading Next?
Despite differing opinions on Bitcoin’s next move, there’s a general belief in its upward potential. Blockonomi highlighted Fundstrat’s crypto enthusiast, Thomas Lee, who anticipates new highs. reported previously Lee cited several encouraging trends: Cryptocurrency advancements seen at conferences; Bitcoin maintaining levels above its 200-day moving average; progress in making cryptocurrencies more finance-friendly; seasoned investors enhancing their holdings; and the excitement as Bitcoin edges towards the $10,000 mark.
Even if Bitcoin's value retracts, driving retail investors away, the industry is undeniably stronger than it was 12 to 18 months ago.
Tyler Winklevoss, co-founder of Gemini, shared on Twitter: “Bitcoin surpassing 8k feels different than before. Looking at all the progress, we’re just starting the game.”
Bitcoin's milestone over 8k this time around presents a markedly different scenario due to the vast developments since then—it's just the dawn of a new era!
Interchange co-founder reflects, contrasting the earlier Bitcoin surge without key players like Square with their Cash App and Jack Dorsey, and firms like Fidelity, ErisX, and Robinhood now immersed in the field.
— Tyler Winklevoss (@tyler) May 16, 2019
As a writer immersed in the cryptocurrency world since 2013, my work appears in top industry outlets like LongHash, NewsBTC, and Decrypt. Outside writing, I contribute to HTC’s EXODUS team and own some Bitcoin. Reach me at NickC@level-up-casino-app.com Bakkt Massive crypto holders shift over $500 million in Bitcoin and Ethereum. Are they setting up for explosive growth of BinoFi (BINO) in the DeFi realm?
