Since the beginning of 2019, Bitcoin [BTC] has witnessed a break from its price trends over the long term crypto winter of 2018. Bitcoin has recovered around 50% of its value since the start of 2019 and at press time, was priced at $5878.61.
Such significant growth is an encouraging sign for Bitcoin’s future. In face, one popular crypto-proponent has commented that the price movement could indicate the beginning of accumulation.
Tuur Demeester, Founding Partner at Adamant Capital, stated that accumulation of Bitcoin started after the capitulation period in November. He mentioned there was a lot of positivity surrounding the market during that time and then, when capitulation took over and the prices were slashed, significant coin movements were recorded by Coinbase and other exchanges as well.
He stated that this was a very similar situation to that witnessed in 2015.
However, he conceded that market sentiment had changed and crypto users had moved on from hoping over capitulation to accumulation.
Tuur argued that the scenario was much more positive for Bitcoin [BTC] since large financial institutions were getting involved in the crypto space. New York Stock Exchange [NYSE] was going to own its own Bitcoin [BTC] platform, Fidelity was going to offer crypto trading in the next weeks, implying that Bitcoin would finally get real exposure to the larger financial market.
During the interview, Demeester was queried if the emergence of Altcoin ICOs affected the price of Bitcoin back in 2017. Tuur stated that Bitcoin was looked upon as a funding mechanism to get into exchanges in 2017. He said that the rapid price surge made him uncomfortable when Bitcoin went above the $5000 mark in mid-2017.
He believed that much of the mania which triggered the bull run to drive up the Bitcoin price was also due to the ICOs and rumors and speculations that emerged over that particular time period.
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