The current state of the cryptocurrency market makes it difficult to remain optimistic. However, some experts continue to hold a bullish stance of Bitcoin and other cryptocurrencies. One of those experts is the well-known venture capitalist, Tim Draper who has remained positive about cryptocurrencies even amid the bearish storm. According to him, the fact that Bitcoin dominance is increasing this month says a lot about the future of the largest cryptocurrency per market capitalization.
Bitcoin (BTC) Price Today – BTC / USD
During an interview with Thiel Macro’s Mike Green, Draper said that cryptocurrencies will soon make up for at least two-thirds of the total currency value in the world. He also talked about how the ease of using cryptocurrencies is going to foster adoption in the long run. In his words:
“When you consider things in the long run, you’ll see that cryptocurrencies are easy to invest, spend or whatever. This is because they are frictionless and cheaper to use than other digital currencies. The fact that they cost less to use alone makes them better options for people. So, eventually, people will move to cryptocurrencies and reduce their dependence of political currencies.”
According to Draper, this is the main reason why the price of BTC will increase in the future. He continued:
“This is how it’s going to move. Countries that are forward thinking already know this is the way to go. If you’re still trying to cling to fiat money, you’re making a big mistake.”
Keep in mind that not too long ago, Draper confirmed that he still believes Bitcoin will sell as high as $250,000 by the year 2022. This was during the Web Summit tech conference. He said that his prediction is “absolutely solid.”
Bitcoin Dominance Continues To Rise Even With Price Struggles
Even As the price of BTC falls against the USD, the global use of Bitcoin has been increasing since November 2018. It is now holding 53% of the entire market capitalization of cryptocurrencies. This is rather impressive especially since the cryptocurrency lost over $1000 within one week.
Draper and many other experts in the industry believe that this is just a roadblock and the market will bounce back with full force soon. However, some financial experts have advised investors to dump and run before they lose everything. At this point, only true believers who are interested in the technology and not the profit are still bullish about Bitcoin and the cryptocurrency market as a whole.
Bitcoin (BTC) Price Analysis
At the time of writing, BTC was trading in green against the USD. It had managed to cross the resistance at $4000 and was trading at $4,041.92. This shows that it is up by 6.91%. If Bitcoin continues to trade in green for the rest of the day, it may be able to reach the $4,100 support level which will give way for more rise in price. However, a price correction is most likely to occur before another significant spike in price happens.
The trading volume is around $6,618,889,369 and the market capitalization is up at $70,318,690,658. This is better than yesterday when it was struggling above $60 billion.