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The Bulls of Bitcoin Price come out fighting for 10 years

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Bitcoin has come a long way in just 10 years. Despite the price of bitcoin, which is struggling to regain the highs of the year, the long-term trend is hard to ignore.

The price of bitcoin has risen by a ridiculous 10.6 million percent since CoinDesk he started tracking it in July 2010 – from 0.06 cents to $ 6.421 in that period.

Next week, October 31, will be the tenth anniversary of the publication of Satoshi Nakamoto's bitcoin white paper – bringing many to look forward to what the next 10 years will bring.

A physical bitcoin & nbsp; It is next to a bull on a desk on January 13, 2014 in Berlin, Germany. (Photo by Thomas Trutschel / Photothek via Getty Images)

Bitcoin has dominated investor interest in the last ten years, but it could be very different in the next decade.

It is only in the last five years that bitcoin has had major competitors. Ethereum, the second largest cryptocurrency in the world by market capitalization, was conceived for the first time in 2013.

Since then, hundreds of cryptocurrencies have exploded on the scene, many of which were born and died in the gold rush of the 2017 cryptocurrency.

However, Bitcoin has maintained its so-called domain on the industry. Bitcoin Dominance – & nbsp; its share of the total cryptocurrency market capitalization – it reached its peak from the beginning of the year to mid-September. Although it has slightly decreased compared to these highs, it has remained above 50%.

The bitcoin domain has hardly fallen below 80% until March of last year, according to the data of CoinMarketCap. But since then it has lost ground such as ethereum, ripple (XRP), bitcoin cash, litecoin and dash.

The price of bitcoin has grown enormously in the last 10 years.CoinDesk

"I think the influence and bitcoin's dominance on the cryptocurrency industry will decline dramatically in its second decade," said Nigel Green, founder and CEO of deVere Group, a financial advisory group & nbsp;.

"This is because with the increase in the mass adoption of cryptocurrencies, more and more digital resources will grow from organizations in both the private and public sectors, which will increase competition for bitcoins and will affect its market share. "

Green expects the broader bitcoin and cryptocurrency market to expand at least 5,000% over the next 10 years, which means it could be worth over $ 20 trillion, compared to today's $ 400 billion.

Elsewhere, Jim Blasko, the founder of Bitcoin Talk Radio, said that the price of bitcoin could exceed $ 100,000 towards the end of 2020 or the first quarter of 2021: an incredibly ambitious forecast based on how mining earnings are calculated on the bitcoin network.

Bitcoin dominance has declined in the last year, but remains above 50%.CoinMarketCap

Fundstrat Global Investors analyst Tom Lee, well known for his bullish crux position, said the bitcoin could end 2018 to $ 22,000, indicating the 200-day moving average price trend.

"When bitcoin is under 200 days, it only rises 50% of the time over the next six months, but when it is more than 200 days, it's 80% of the time," Lee said.

Meanwhile, many bitcoin and cryptocurrency bulls are betting on a slew of institutional products at the horizon that push prices higher.

A long-awaited bitcoin-listed fund offered by the bitcoin companies VanEck and SolidX is still being weighed by the Commission for Financial Instruments and Trade in the United States.

Bakkt, a platform for trading, storing and spending digital resources, was created at the start of this year by & nbsp; owner of the New York Stock Exchange, & nbsp; Intercontinental Exchange, and it is expected to start offering bitcoins futures in December.

"A growing number of major institutional and retail investors, as well as financial institutions and regulators, among others, understand that cryptocurrencies are the future of money," added Green. & Nbsp; "As such, the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary."

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Bitcoin has come a long way in just 10 years. Despite the price of bitcoin, which is struggling to regain the highs of the year, the long-term trend is hard to ignore.

Bitcoin's price has risen 10.6 million percent since it started to reach CoinDesk in July 2010 – from 0.06 cents to $ 6.421 in that period.

Next week, October 31, will be the tenth anniversary of the publication of Satoshi Nakamoto's bitcoin white paper – bringing many to look forward to what the next 10 years will bring.

A physical bitcoin stands next to a bull on a desk on January 13, 2014 in Berlin, Germany. (Photo by Thomas Trutschel / Photothek via Getty Images)

Bitcoin has dominated investor interest in the last ten years, but it could be very different in the next decade.

It is only in the last five years that bitcoin has had major competitors. Ethereum, the second largest cryptocurrency in the world by market capitalization, was conceived for the first time in 2013.

Since then, hundreds of cryptocurrencies have exploded on the scene, many of which were born and died in the gold rush of the 2017 cryptocurrency.

However, Bitcoin has maintained its so-called domain on the industry. The dominance of Bitcoin – its share of the total market capitalization of cryptocurrency – reached its peak from the beginning of the year to mid-September. Although it has slightly decreased compared to these highs, it has remained above 50%.

The bitcoin domain has hardly fallen below 80% until March of last year, according to CoinMarketCap data. But since then it has lost ground such as ethereum, ripple (XRP), bitcoin cash, litecoin and dash.

The price of bitcoin has grown enormously in the last 10 years.CoinDesk

"I believe the influence and bitcoin dominance in the cryptocurrency industry will fall dramatically during the second decade," said Nigel Green, founder and CEO of deVere Group, a financial advisory group.

"This is because with the increase in the mass adoption of cryptocurrency, more and more digital resources will grow, by organizations in both the private and public sectors, increasing competition for bitcoins and undermining its market share" .

Green expects the broader bitcoin and cryptocurrency market to expand at least 5,000% over the next 10 years, which means it could be worth $ 20 trillion, compared to the current $ 400 billion.

Elsewhere, Jim Blasko, the founder of Bitcoin Talk Radio, said that the price of bitcoin could exceed $ 100,000 towards the end of 2020 or the first quarter of 2021: an incredibly ambitious forecast based on how mining earnings are calculated on the bitcoin network.

Bitcoin dominance has declined in the last year, but remains above 50%.CoinMarketCap

Fundstrat Global Investors analyst Tom Lee, well known for his bullish crux position, said the bitcoin could end 2018 to $ 22,000, indicating the 200-day moving average price trend.

"When bitcoin is under 200 days, it only rises 50% of the time over the next six months, but when it is above 200 days, it is 80% of the time," Lee said.

Meanwhile, many bitcoin and cryptocurrency bulls are betting on a slew of institutional products at the horizon that push prices higher.

A long-awaited bitcoin-listed fund offered by the bitcoin companies VanEck and SolidX is still being weighed by the Commission for Financial Instruments and Trade in the United States.

Bakkt, a platform for trading, storing and spending digital resources, was created at the start of the year by the owner of the New York Stock Exchange, Intercontinental Exchange, and should start offering bitcoins futures to December.

"A growing number of major institutional and retail investors, as well as financial and regulatory institutions, among others, understand that cryptocurrencies are the future of money," added Green. "As such, the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary."

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