According to this indicator, price will rise again

Bitcoin Crypto

The current price for one Bitcoin (BTC) is currently $10,710.91.  That’s -0.23% more than 24 hours ago. If you now want to buy bitcoin for $100 you will get about 0.0093 BTC for this.

The total market cap is $198,193,800,345.38 with a circulation of 18,503,918 BTC.

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The development of the Bitcoin protocol: Github, donations and developers

For the past month, bitcoinmagazine.nl has been focusing on the basics of Crypto Cash every day. From explanations about the blockchain, nodes, miners to articles about history, scalability and privacy. In this section, we look at the development of the protocol. How does it work? How will Bitcoin Core be improved?

The development of the Bitcoin protocol is different than in a typical ‚cryptoproject‘. There are often big bags of money behind it that fund the project. Whether it’s an ICO, a pre-mine or a venture capitalist investing in the company or foundation, there’s money on the shelf.

Bitcoin is decentralized, hasn’t had an office, CEO or ICO. It had the most neutral start imaginable. Satoshi, out of his own conviction, started something new from 0. And that has grown into a protocol worth almost $200 billion.

Because Bitcoin is decentralized, developments are slow. Or is that the wrong word and should you call it ‚conservative‘?
Bitcoin fund of Bitwise doubles in one year to $9 million

Bitwise’s Bitcoin (BTC) fund has doubled in size over the past year. Interest from accredited investors worried about inflation getting out of hand has increased. They have deposited new millions into the Bitwise fund.

The Bitwise Bitcoin Fund grew to almost $9 million last year. They should report this to the Securities and Exchange Commission (SEC).

The fund offers accredited U.S. investors the opportunity to be exposed to Bitcoin through a traditional financial product. It offers investors benefits including management and storage.

In 2019, the Bitwise Bitcoin Fund raised a total of $4.1 million in investments. In the past year, the size has more than doubled.
According to this indicator, the Bitcoin price is on the verge of rising

It’s time for another portion of hopium. Because according to two indicators, the Bitcoin (BTC) price is fine. What’s more: if history repeats itself, a sharp rise is imminent.

On 28 September, market researcher Glassnode shared an important indicator: Bitcoin’s difficulty ribbon compression has broken out into a ‚buy signal‘.

This indicator tells something about: the difficulty of the minus, but also whether miners have trouble being profitable or not.

The graph below shows the following:

  • black line: the price of Bitcoin;
  • orange line: the Difficulty Ribbon Compression;
  • green areas: moments when the indicator is below 0.05.

The orange line is a compression of multiple averages. The lower this number, the closer these averages are to each other and the clearer the trend reversal is.

As can be seen in the graph, the indicator is above this 0.05. What does that say exactly?