A recent analysis of the charts shows that Bitcoin (BTC) has started to tick higher in the last 24 hours. This shift is boosted by the positive sentiment across the major digital assets. The two-year record-low volatility and the bullish comments made by Overstock’s CEO have also been cited as contributing factors.
Bitcoin and cryptocurrency boards indicated a sea of green in the last 24 hours. Bitcoin Cash (BCH) managed to rally a 13% increase in volume as a looming fork improves its trading volume while miners move to the network to have their say regarding a potential split.
As for the world’s most valuable cryptocurrency, Bitcoin (BTC), a 2% increase was observed. The token now trades above the $6,600 huddle for the first time since mid-October this year.
What Overstock’s CEO Had to Say
According to Bitcoin (BTC) bull, Patrick Byrne, who serves as the CEO of Overstock, Bitcoin (BTC) will be massively adopted. Byrne told crypto YouTuber Naomi Brockwell that he expects the current financial framework to collapse and digital assets to be massively adopted. The Overstock CEO expects people to digital-currency when the financial system collapses. Citing Venezuela, Cyprus and Syria as examples. According to him:
“When people start to get into digital assets as legal tender is when their traditional financial systems collapse. So yes, considering this, I believe that the entire modern financial framework is a big Keynesian, or magic money Ponzi scheme. I expect that a day will come in the future when people will have to turn to cryptocurrency.”
We can recall earlier this year that Bitcoin (BTC) was looking stronger than most of the other major digital currencies. This occurred despite having lost less its value hugely since last year’s bull run. The run pushed it to $20,000, up from $1,000 since the beginning of this year. The digital token has since lost at least 60% of its value. This figure is fair compared to 80% for several other major tokens in the space.
XRP (XRP) and Ethereum (ETH) Have Managed to Recover Losses In Recent Months
Despite the uncertainty in the digital asset market as well as irregular price shifts, top cryptocurrencies have been able to pull back some gains. Bitcoin isn’t alone in this rally. For example, the likes of XRP (XRP) and Ethereum (ETH) have managed to stem some outflows and recover some losses in recent months. Regarding Whether Bitcoin (BTC) will stay top of the log during mass adoption, Byrne had this to say:
“Whether Bitcoin will be the one, or whether it has solved its speed issues or whether it is another digital currency, remains to be seen, only time will tell.”
Bitcoin (BTC) Price Today – BTC / USD
Main while the volatility of the top digital asset has sunk to a record low level in nearly two years. This is in contrast to the steadily wobbly U.S. stock index, which has climbed to a seven-month high since September. This is as a result of investors rushing into the market due to expected interest rate hikes and fears regarding a trade war between the U.S. and China.