A Change in Bitcoin Outlook: Still Lot to Offer
Bitcoin NewsNews

A Change in Bitcoin Outlook: Still Lot to Offer

As the week is about to end, Bitcoin (BTC) has made many headlines. 2018 has been a really tough year for traders with many traders starting losing faith in the crypto market. With slow growth and sudden price changes, the point is approaching where the strong hands are refusing to sell.

Considering the continuous surge in Bitcoin and increased dominance percentage of Bitcoin, Bitcoin still has a lot to offer to its users. Bitcoin has achieved a strong rally this week owing to the healthy volumes making it possible to reach higher levels. The outlook this week has changed from Bearish to Bullish.

An American based financial market company, CME Group, had indicated that the average daily volume of Bitcoin futures has increased by 93% over the past quarter which indicates an increased interest from investors and traders who speculate on the Bitcoin market. Futures are a standardized contract that helps an investor to sell or purchase a particular asset at a specific price in a predetermined quantity and quality at a future date. One benefit of Bitcoin futures is that investors can trade anytime during the day and due to the efficiency of the futures market, the process of determining the price is also not a tedious task.

But there are some negatives also. A recent announcement says that one of the prominent cloud mining service platform Hashflare has dropped Bitcoin mining contracts as the profitability of the company is rapidly decreasing. The crypto space has had a bullish start in the year 2018 but the prices kept on decreasing by almost 70% since the start. Not only this, the mining environment has also become unsustainable owing to decreasing prices. Mining profitability has decreased by over 90% if one of the reports is believed.

It is likely that the future will reveal the truth of the so-called Bitcoin bubble. There is a shining list of people who have spoken against this number one cryptocurrency and have considered it worthless.

Follow us on Telegram!

Leave a Response

Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.