Despite the rollercoaster nature of various games, from pool to the stock market, one constant remains – momentum. Whether it’s through technical or fundamental factors, momentum is the lifeblood of price trends. In the case of Bitcoin, the world’s leading cryptocurrency, this momentum is gaining speed. Here are three compelling reasons why Bitcoin’s upwards momentum is only just getting started:
Global Adoption & Real-World Utility Surges
In a surprising turn of events, Argentina’s recent vote led to a significant shift in the country’s political landscape. The impact sent domestic heavyweights like oil giant YPF soaring around 34%, while the MSCI Argentina ETF climbed over 10% in early trading with a transaction volume spiking 9,800% above average. This political upheaval has sparked enthusiasm among investors and created a new opportunity – Bitcoin. The nation’s financial crisis has spurred the use of Bitcoin as a hedge against inflation, which has also been observed in countries such as Nigeria and Turkey. The evident surge in international adoption and real-world use cases for Bitcoin is painting a positive picture for its future.
Bitcoin Supply Remains Stagnant
Recent analysis revealed that a staggering 88% of Bitcoin’s supply has not moved for at least three months, indicating a trend towards a long-term holding strategy. With Bitcoin’s fixed supply, this reduction in available coins combined with growing investor demand could propel Bitcoin’s price even higher.
Institutional Appetite Ascends
The long-awaited approval of Bitcoin ETFs could usher in a new era for the cryptocurrency. Applications from financial giants like Fidelity and BlackRock for Bitcoin ETFs are expected to drive demand from institutional and retail investors alike. This anticipated development is poised to benefit Bitcoin-related entities such as ProShares Bitcoin ETF, Coinbase, and MicroStrategy.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.