Given the fact that prices have been declining a bit in recent times, the Bitcoin network is showing steady increases. Yesterday, Bitcoin reached the $10,000 mark successfully and while it’s reversed, the adjustment puts some confidence in the community.
Coin Metrics’ has produced a new report on the recent trajectory of Bitcoin. Titled “State of the Network,” the study says Bitcoin’s trading volume “all facets” are impressively jumping in. Coin Metrics believes the rate of increase at this rate could very easily match the rates found in other asset classes.
Nevertheless, Coin Metrics admits that it may be difficult to measure the volume of Bitcoin properly. This is because it is the largest cryptocurrency, and is currently listed on almost every cryptocurrency exchange in the market. The “fragmentation” is what makes the difficulty solid.
While encouraging institutional players, the report warns them to carefully decide how they want to enter the crypto-market.
“Institutions considering entering the space should first survey the landscape and decide of which exchanges, markets, and assets they feel comfortable transacting in.”
A recent Coin Metrics study on March 12, when prices nosedived to levels around $3,600, suggested that investors bought heavily into the Bitcoin market.
Yesterday, Bitcoin surprisingly crossed the $10,000 mark, not long after a controversial speech by President Donald Trump. However, the king coin has corrected the spike and is trading around $9,500 for now.
The interesting rise of Bitcoin came as protests, riots, lootings, and marches continued to spread across several cities and states across the US. The increase also came about 15 minutes after President Trump declared that the National Guard would be used by the mayors and governors to quell protests in the world. Trump threatened to send the U.S. military to handle the rioters if it was refused by the state governors themselves.
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