Bitcoin price hits $13000 in the last 24 hours. This is the highest price by BTC since the March dip. It should be noted that bitcoin is yet to fill the CME gaps at $11000 and $9600. Most traders and investors fear that the price may fall in the short term to fill these gaps. Do you think BTC will drop below $10000 to fill the CME feature gaps? However, the majority of crypto enthusiasts are bullish in the long term. In this piece, we focus on trends BTC as we are trying to figure out the next move.
Bitcoin After The Halving Event
In matters of price, it seems that the halving is saving BTC right. Since May, the prices have not gone below $9000. Some pundits say that bitcoin will not fall below this [prices post having while serious traders see the price reaching $20000 by the end of the year. Depending on where you sit, many facts will determine either of the claims. One fact is volume; if bitcoin markets continue to book steady trading volume, we might see the price remaining stable. On the other, a drop in trading volume may cause instability in the price.
Implementation of Layer 2
Lightning is one of the most promising technologies in the crypto space right. This even caught the attention of Square and Twitter CEO Jack Dorsey. Bitcoin is yet to implement layer two on its blockchain. Implementation of layer two solutions will see a reduction in transaction fees while increasing the speed of transfer. However, there is a wide outcry in relation to security by players. Bitcoin may be working on security issues before adding layer 2 to the blockchain.
Beside bitcoin’s delay in the implementation, other blockchains are incorporating these solutions on their protocols. These solutions are mostly used in payment protocols. Lightning technology has also attracted players like Square who have integrated it into their system. Lust-lightning is a security-minded implementation by Square. The invention aims at connecting house items like TV and kitchen wares with the internet. Lightning is the best choice if Square is looking forward to incorporating the payment system in this gadget.
The identical ecosystem of adventurer developers has created completely separate bitcoin wallets. It allows users to send and receive lightning payments.
Exchanges have not been left behind in the implementation of lighting solutions. Bitfinex is the largest exchange to adopt lightning though less lightning transactions. Other players like Breez allow users to buy and sell lightning using their bank cards. Most exchanges are slow in adopting lightning sighting security issues. Lightning sort of works; there’s a lot of work to be done. The technology is still risky and not easy to use. Although the theory’s there, how it plays out in practice remains to be seen. Cinq’s mobile wallet Phoenix is one of the oldest and most-employed non-custodial wallets. Hence, users have full control of their private keys
Companies Investing in Bitcoin
Bitcoin is now becoming an investment for traditional companies. Increased investment will make BTC gain the trust of big players in a different industry. The recent public companies to invest in bitcoin are Microstrategy and Square. These buy merely move the market, meaning that BTC is becoming more liquid.
The future of bitcoin is yet to see its better performance. There are many sectors yet to utilize bitcoin as custody or storage of wealth. This is important to bitcoin’s ecosystem as it will make it compete with assets like Gold. Bitcoin needs to see more investments from institutions like banks get trusted by investors.
