Price analysis: Bitcoin continues to trade in a range-bound market
Fundamentals
2019 is behind us and for Bitcoin’s payment protocol, the Lightning Network, we can say it was a productive year.
The Lightning Network developers made great progress by primarily allowing larger amounts of money to move across the platform. Other major accomplishments were achieved in 2019 as well, such as the rollout of the first neutrino mobile wallet, the opening of the first Lightning conference, as well as the first major exchange integration.
These achievements were described as “huge milestones,” by Ryan Gentry, the lead analyst at crypto hedge fund MultiCoin Capital.
Today, using the Lightning Network has become more convenient and developers also believe they will make additional progress with multi-path payments, which will allow large sums of Bitcoin to be transferred quickly and inexpensively.
“This is a very exciting time for Lightning,” said Samson Mow, CSO at the Canadian blockchain technology company Blockstream.
“For 2020, I expect to see the continued growth of the network and further privacy improvements as well.”
Bitcoin has seen an increase in demand again on the back of the rising geopolitical tensions. The recent US airstrike in Iraq, which resulted in the assasination of the top Iranian commander Qasem Soleimani, caused Bitcoin, gold, and oil prices to soar higher on Friday morning.
Recovering from under $7,000, Bitcoin’s price ultimately raised nearly 10% since Friday.
Political issues are often perceived as the main influence on crypto prices and there are different opinions on the question of whether Bitcoin is a safe haven or not.
Apart from Bitcoin, gold and oil prices also jumped after the news broke.
“The surge in crude oil is to be expected, the surge in Bitcoin is a total surprise,” said crypto analyst Mati Greenspan.
One of the things that made Bitcoin captivating is that until now, it did not correlate with the other non-crypto safe-haven assets like gold, said Matthew Graham, CEO of the financial services company Sino Global Capital.
For the complete analysis, click here
As long as the Middle East crisis continues, precious assets like BTC and physical gold and silver will see their prices trend upward.
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.