In the last two weeks bitcoin is unstable and shows the best performance. However, the bulls on wall street believe that cryptocurrency is gradually regains its market share.
In particular, a well-known analyst Tom Lee has once again delivered with a positive Outlook.
“Bitcoin is not broken, if he still holds at these levels. I think people are afraid of his return to around $ 6 000 and that he will never bounce back,” Lee States.
Yesterday BTC was falling, but today he was able to move into the green zone. At the time of writing the first cryptocurrency showed a daily increase of 0,94% and its cost was estimated at $ 7 074.
“Latest news from the SEC, claiming that bitcoin is a commodity … and maybe has a good potential to launch ETF makes investors to decide that BTC is the best option in the hard market,” said Tom Lee.
The SEC has publicly indicated bitcoin as a commodity in June this year and stated that cryptocurrencies will not be considered as securities. If I am confident that this step can help to understand in which direction the Commission intends to regulate them. Last Friday, ICE announced a partnership with major companies, including Starbucks and Microsoft, which will seek to create an open and regulated ecosystem of digital assets. Kryptonite believe that these events can become the catalyst for the adoption of cryptocurrency.
The bitcoin does not always directly respond to the news, but the true sign of his return, according to Lee, is rebuilding its market share.
In early 2017 BTC took about 80% of the total cryptocurrency market. About a year later, by January, its market share fell to 36%. However, over the last couple of weeks, the share of bitcoin in the market soared to its highest level for the full year to approximately 48%.
“I believe that bitcoin’s dominance really shows how the market responds to events,” concluded Lee.
Also yesterday, the head of ADVFN, a website dedicated to financial markets and founded in 1999, Clem chambers shared his confidence that the worst is behind bitcoin because the world fascinated the first cryptocurrency.