Bitcoin (BTC) has already moved mountains by successfully creating a new financial mechanism that is more inclusive and currently moves half a million dollars per second, which is an unprecedented performance.
Half a million per second
In a tweet, blockstream chief strategist Samson Mow points out that Bitcoin was designed to introduce a new financial paradigm. This is an environment that does not require authorization for factors such as storage and transfer of value.
For Mow, the relevant indicator for evaluating the performance of these transfers is the value transmitted per second (VPTS), not the number of transactions per second (TPS).
He believes that in terms of VPTS, no asset can compare to bitcoin: the latter can move $ 500,000 / sec.
TPS has long been touted as a weakness of Bitcoin, and its capabilities were significantly inferior to Ethereum (ETH).
This is one of the main arguments of Bitcoin Cash (BCH) proponents, such as Roger Ver, who argue that BCH is a more suitable asset for the General public and for small transactions.
However, statistics blockchain.com says that as of December 1, 2020, the total value of transactions in the BTC network is estimated at $ 4.6 billion. This is a level close to its Ath on November 5, 2020, and was $ 5.1 billion.
This is the intrinsic value of Bitcoin, at least in part. Bitcoin is a technological gem that can revolutionize Finance as well as other sectors.
Another value offered by Bitcom is the lack of utility of authorization for transactions on the Internet. In short, the ability to control your own money.
BTC is not only a protection against inflation of fiat money but also against the desire of governments to control the financial assets of their citizens.
Where is the BTC now?
Two sides of the same market
Nothing new is happening for BTC, which continues to move back and forth. Bulls and bears continue to do their work in the markets, and by the end of 2020, BTC could potentially return to growth.
On December 11, 2020, Bitcoin fell below $18K again. On some exchanges, it fell even lower — $17,600. It then rose again and is trading at $18,385 at the time of this writing.
The bulls have had a rough week due to pressure from miners, whales, and possibly institutional investors.
Analysts generally agree that 19,000 is a sell zone for investors who liquidate open positions at lower levels to make a profit.
Thus, the correction will be useful for the market. Analysts now expect this correction to bottom out and BTC will gradually resume its upward path in the final weeks of December 2020.
The price of Bitcoin has moved on both sides of $ 18,000 in recent days. Bulls continue to control the markets for relatively long periods of time, as the price of BTC is in the neutral zone on a daily basis.
By the end of 2020, the BTC may not reach the $20K mark, but it can still count on institutional support. MicroStrategy has just raised $650 million to invest in Bitcoin again.
Mass purchases of a crypto asset by MicroStrategy can return bulls to daily control of the markets. It’s been a grueling week for the bulls, but we’re starting the weekend with no major losses.