Bitcoin (BTC) is still dominating the cryptocurrency market in terms of Market Cap and the price of one token. The altcoin enjoys 1st position among over 1519 cryptocurrencies according to coinmarketcap ranking. The Crypto craze has been a fueling factor to investments in Bitcoin (BTC) and in December 2017 the digital coin hit the over $ 18,000 mark.
Being one of the few Large Cap coins has not spared Bitcoin from the high and volatile nature of cryptocurrencies; the coin currently has a 5.39 % standard deviation with 85.26% 200 day volatility according to DigitalAssetDB. This is quite a risky investment and is evident from the over 50% slash in its price within a period of only two months, BTC tokens are now trading below the $10,000 mark.
Investors continue to be hopeful that the value of Bitcoin (BTC) will continue to go up given the much speculation about crypto within the next few years. This is a statement that cannot be disputed based on historical trading data on the BTC token. The coin is currently traded at daily average volume of $7.9 Billion which is above most of the Market Cap companies listed in S&P and the Dow. This is quite an achievement for a form of technology that has been around for less than a decade.
Bitcoin has had a high of $ 9939 and low of $9501 within the last 24 hours with its Market Cap maintaining a significant portion within the Crypto market at $165.88 Billion. The altcoin has a relatively low liquidity ratio of 3.77% which means that in the case of a Run due to market information, Most Bitcoin Investors would not be able to liquidate their portfolios.
The bullish trend of Bitcoin in 2017 has sparked curiosity and more interest into the crypto space. Investors are realizing value in other tokens apart from Bitcoin therefore making it no surprise that we have altcoins performing way better than Bitcoin (BTC) in the first quarter of 2018.
Recently, Uzbekistan has accepted the adoption of Bitcoin and blockchain technology. This road to bitcoin legalization is in accordance with a presidential decree, regulating the “electronic money” and has stated that the law should be running by the end of the summer. This recent change of heart by the central Asian country comes as a surprise after the central bank of Uzbekistan officials labelled Bitcoin and other digital coins as “instruments of terrorism” Given the cheap cost of electricity in the country, (mining 1BTC costs only $1790), the government is planning to open a decentralized ledger system. However, even such huge acceptance news has not helped the course of Bitcoin (BTC) with the price seeing a fall after rising steadily in the last week.