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November will be a month to remember for bitcoin investors. The peak price of cryptocurrency has plummeted, struggling to exceed $ 4,000 (£ 3,134) on the last day of November, after starting the month well over $ 6,000 (4,701), according to CoinDesk.com. This was the worst decline in Bitcoin since April 2011, when the cryptocurrency fell by around 39%.
But despite this drop in bitcoin prices, an insider in the cryptocurrency industry believes that the fundamental fundamentals of bitcoin network support are undoubtedly booming.
The fundamental drivers of the decentralized technology network are actually growing
Anthony Pompliano, partner of the cryptocurrency Morgan Creek Digital Assets, said that media reports on the death of cryptocurrency are nothing more than an observation at the surface level, rather than a logical analysis.
Pompliano said: "Fortunately, nothing could be further from the truth.
"The fundamental drivers of the decentralized technology network are actually growing".
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Bitcoin price news: November will be a month to remember for bitcoin investors (Image: Getty)
Bitcoin price news: the bitcoin bull Anthony Pompliano believes that the crypt is stronger than ever (Image: Getty)
Pompliano, known as "Pomp" inside the crypto industry, drew attention to the indicators that indicate that the underlying fabric of Bitcoin is actually growing rather than shrinking, in correlation with prices.
Factors include the growing number of users on Blockchain.com, which increased from 10 million at the end of 2016 to 32 million – an incredible growth rate.
The number of portfolios also exploded, as did the total count of Bitcoin transactions – up 33 percent in the last year.
This is attributed to the adoption of the asset for payment and speculative purposes.
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Pompliano also stressed the "growing number of transactions that exclude popular addresses" that are growing rapidly, indicating that bitcoins have found themselves actively used in innovative systems or via payment networks.
And contrary to popular belief, the average cost of bitcoin transactions continues to decline from £ 40 ($ 52) at the end of December 2017 to just £ 0.47 ($ 0.6) today.
Despite the recent decline in the hash rate, which measures the amount of energy consumed by the bitcoin network, from a long-term point of view, things seem positive, since the hash rate has quadrupled only in the last year.
Moreover, from a logarithmic graph view, the recent decline is just a drop in the bucket.
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Bitcoin price news: the price of BTC collapsed in November (Image: Getty)
Bitcoin price news: traders should not be distracted by the price, believes Anthony Pompliano (Image: Getty)
The analysis of Pompliano ended by focusing on the number of active bitcoin nodes, underlining that this percentage has increased by 98% in the last two years to 10.510.
Bearing this in mind, Pompliano explained that this innovation is bound to continue, adding that traders should not be distracted by the price and should instead focus on the fundamentals of support for the bitcoin network.
He said: "While the price of bitcoin is important, it is not an important measure of future value.
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"The underlying fundamentals for the blockchain seem to grow stronger despite the fall in the current price.
"Bitcoin is not going anywhere."
The bullish comments of Mr Pompliano have recently followed an interview in which he reiterated his confidence in digital resources, describing cryptocurrencies as the best asset class in the last decade, even ousting the US stock market , which has been in its longest and most important race of the last decades.
