Bitcoin is the most commonly known cryptocurrency. It’s a decentralized digital currency that is secure and private and can be used in transactions worldwide. It carries with it a number of pros and cons and is currently rather volatile.
In this section we discuss everything Bitcoin including how it works, what it’s worth, how you can “mine Bitcoin”, and more.
Up until last week or so it was very easy to argue that we started a new bull market, and that it looked like the bottom is in. Now we have a needed correction. This correction will be a good test of the bull.
Bitcoin (BTC) did a classic Bart from May 26th to May 30th. A Bart is a crypto pattern that includes one big green candle and one big red candle of equal magnitude.
You don’t have to buy a whole Bitcoin to own Bitcoin, you can buy a fraction of a Bitcoin. You can own as little as 0.00000001 BTC (AKA 1 satoshi).
The US Copyright office granted Craig Steven Wright copyright registrations for the Bitcoin paper and Bitcoin code. This is true even though there is a debate over whether or not Craig is Satoshi.
The SEC has delayed both the Bitwise and VanEck Bitcoin ETFs yet again.
When GBTC and ETCG trade at a premium to the underlying assets, it is generally a sign that crypto is bullish.
So here is the state of the market: Bitcoin is going parabolic, major alts like ETH are holding up, low caps (alts with low market caps) are getting crushed, and lots of big news (bearish and bullish) is all being met with BTC increases.
Bitcoin Dominance is a measure of how much of the total market cap of crypto is comprised of Bitcoin. It can help you understand the trend of BTC and alts.
One could argue, based on some factors like Simple moving averages that the BTC-ETH pair is bearish and at the same time the BTC-USD pair is bullish. It is the same for many alts.
The above chart shows Bitcoin 2010 – May 2019. In my opinion the current price action is similar to 2012 and mid-to-late 2015.
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