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Bitcoin transactions reach highest level in 13 months

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While the crypto winter was on, positive news has been stretched thin; however, there are now signs that the ice has started thawing. With Bitcoin showing some resilience and stability in price in a world that has almost lost faith in it, there are some important aspects that Bitcoin believers would love to look into.

 

Crypto investors shouldn’t consider endorsements by celebrities

Noting that, high profile individuals assisted greatly in supporting prices across the board, the firm wrote: “Some of the ‘hype’ that we mentioned was absent from the month of January appeared to resurface in February amidst pro-crypto statements from tech personalities (e.g. Elon Musk and Jack Dorsey) and crypto pundits ‘calling the bottom’ of Crypto Winter.”

It’s unreasonable when endorsement by a celebrity is considered very important. No one knows the exact agendas of these celebrities. If there’s one lesson investors should have learnt, it’s the crypto hype that has had a great impact on price movements, but most times, they are temporary.

 

Increase in Bitcoin transactions, likely supporting the price of BTC

Now this sounds good. Contained in the same report, there is some great news. In over a year, Bitcoin transactions reached its highest ever level.

“There were also more fundamental reasons to have a positive outlook on the market: transactions on the Bitcoin network were at the highest level since January 2018.”

This is great. For any crypto, usage has been and will always be the best bearish or bullish argument. This is the point that gives birth to liquidity and inherent value. With the mainstream having very low media coverage, this indicates how Bitcoin has gained sticky interest despite its low search on Google.

 

The ETF cannot be ignored here

Not excited about Bitcoin ETF’s prospect? SFOX feels you might be among the minority, as there is proof that this headline will generate a large buying appetite in the market.

Even while some factions within the crypto sector question the significance and utility of a Bitcoin ETF, the market still seems to be fairly responsive to news about its potential: in the two days surrounding this news, the price of BTC climbed over 7%.”

As a trader, it’s not possible to ignore things like this. The market will dictate to you the reality in the short term, and so fighting against trends because you feel it’s irrelevant or you don’t care, is a very dangerous game to play. Rather, it’s better to find reasons why the market is correct. It seems that smart money sees the ETF as a great step towards broader adoption which might lead to an increase in the usage of cryptocurrencies.

 

The best hope of surviving the crypto winter is still Usage

With the BTC/USD price bumping near the $4,000 level, fancy price forecasts are very common and of no particular issue. What is making the report of SFOX valuable is that we are given something strong to look at rather than just dreams and hopes.

 

 

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