What have changed in BTC price - page 4.

virasog

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Quote from: AverageGlabella on July 24, 2021, 11:19:53 AM

The price of Bitcoin increasing does not mean we have more adoption it just means there was more positive things effecting the price. Adoption is proven by the amount of people sending transactions on the Blockchain and that is the only indicator we have for adoption. Adoption is probably down from what it was pre 2018.

How can you say that bitcoin adaption is down from 2018 ? In 2018 and prior, there was only whales and retail in the market but in the present time many institutions have adopted bitcoin. Marketcap is another way of looking at the adoption of bitcoin. As the marketcap grows, it means more and more people are holding and using bitcoins.

boyptc

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Adoption rate is different from its current pricing.

The two cannot be compared to each other as they've got their own stats for each year. Well, if we're going to say that due to the ATH makes this year as the best year of bitcoin's adoption.

Then it won't be the best anymore next time once the price will be surpassed.

pooya87

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A bear market is when the price continues to go down. For example when price reached $30k in exactly 3 months ago if price went down to $25k 2 months ago and $20k 1 month ago and $15k today then it could have been considered a bear market.

A sideways market which could also be interpreted as the accumulation phase before the bull run on the other hand is when price stays in the same tight range for a long time. Which is exactly what has been happening for the past 3 months. When price entered the $30k range it remained there and the range it fluctuates in eventually got narrowed down to between $29k and $35k.
Unless price goes beyond any of these 2 numbers the trend remains the same sideways, not bull and not bear.

ivankoh

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Quote from: BIN-BIN on July 24, 2021, 10:45:36 AM

As at the time of creating this thread Bitcoin is sold for $33,900, in recent days the entire market led by Bitcoin has faced what looks like a bear market where bitcoin went below $30,000 late last week before recovering back to its present price. This has driven me to the conclusion that bitcoin in this year 2021 made the highest price movement since it was created a decade ago.
Can we now call 2021 the year of Bitcoin/crypto adoption year?

The huge demand this year (Covid 19) has created a huge value driver for bitcoin. It is a fact, the popularity has increased, the application has also had new changes that are very practical and promising (El Salvado). I suppose, with the growth of bitcoin and crypto this year. It has achieved many successes in terms of popularity as well as the effect of influence from bitcoin.
Perhaps not yet, but we can count on it to be universally accepted by 2025.

rikybrosh

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Maybe it is because Elon Musk effect. Actually I did a calculation for forecasting bitcoin price movement but since there is Elon Musk who get involved in bitcoin market then I have to count it by another way. I think significant bitcoin adoption will be happen for next 10 years since there are many countries which still ban bitcoin. Most of bitcoin buyers are investors who only want a profit. The impact of that will be different if those who buy bitcoin is an ordinary people who want to use bitcoin as payment method because if bitcoin is used to buy goods and etc then the company that earn profit from bitcoin will create more products that people need, at the same time it also increase the adoption of bitcoin, that's my opinion. Actually I have calculated bitcoin price movement, maybe it will not 100% accurate but I think the lowest level of bitcoin price at this bearish market is between 30k - 20k. I am not an expert so maybe I am wrong but I planning to buy bitcoin at 25k - 20k.

mk4

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Quote from: BIN-BIN on July 24, 2021, 10:45:36 AM

Can we now call 2021 the year of Bitcoin/crypto adoption year?

I mean, sure, but technically isn't every single succeeding year better than the previous year? 2021 is better than 2020, and 2022 will be better than 2021, etc etc. Taking note that Bitcoin adoption is still low(in contrast to TAM) and that the cryptocurrency space simply moves so fast.

BIN-BIN

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To some extent the price of bitcoin is not a reflection of the level of adoption, the price remains a significant reflection of demands in the market and this increase in demand is traceable to more hands getting involved in Bitcoin trading, which shows one thing that is new investors buying into Bitcoin.

I quite agree that good news also contributes to the increase in Bitcoin price in the past, but currently, there is no such news on the headline lately if any please share with me.

AverageGlabella

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Quote from: so98nn on July 24, 2021, 11:30:06 AM

Decent!
Gold was also at it's best this year per ounce but we don't call it as Gold's adoption year since Gold has been valued and adopted since thousands of years ago! The preciousness of this asset was already known to the B.C. people as well as A.D. people.

The value of Gold is increasing ever since but it does not mean it was not adopted then or now!

The valuation is not from the value itself but the usefulness, properties and other factors define the ultimate adoption. Agree to this one.

The BTC price will keep hiking all the time based on direct and indirect factors but that never account for its real value and adoption criteria.

People are not using Bitcoin as it was intended to be used at the moment and are using it for investing and will take out their earnings and put that back into fiat currencies. If the unstable prices of Bitcoin change and become more stable that is when more people will use Bitcoin as a currency instead of investing and profiting on it.

so98nn

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Quote from: AverageGlabella on July 24, 2021, 11:19:53 AM

The price of Bitcoin increasing does not mean we have more adoption it just means there was more positive things effecting the price. Adoption is proven by the amount of people sending transactions on the Blockchain and that is the only indicator we have for adoption. Adoption is probably down from what it was pre 2018.

Decent!
Gold was also at it's best this year per ounce but we don't call it as Gold's adoption year since Gold has been valued and adopted since thousands of years ago! The preciousness of this asset was already known to the B.C. people as well as A.D. people.

The value of Gold is increasing ever since but it does not mean it was not adopted then or now!

The valuation is not from the value itself but the usefulness, properties and other factors define the ultimate adoption. Agree to this one.

The BTC price will keep hiking all the time based on direct and indirect factors but that never account for its real value and adoption criteria.

AverageGlabella

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The price of Bitcoin increasing does not mean we have more adoption it just means there was more positive things effecting the price. Adoption is proven by the amount of people sending transactions on the Blockchain and that is the only indicator we have for adoption. Adoption is probably down from what it was pre 2018.

elda34b

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I don't think price is the right indicator for the rate of adoption though. Obviously we got new ATH, but it's not the biggest jump if you compare it with the previous ATH. I think the hype is always bigger for each bull cycle, compared to 2017 it was definitely bigger imo.

tulusikhlas

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If you look at the various statistical data on Bitcoin adoption so far, then I really agree that the increase is much more significant than in previous years. I really can't show all the evidence and data related to it all. maybe there are some pictures that I can show, regardless of the relevance it goes back to the extent to which you understand all the context of Bitcoin adoption from various elements.

You can see the source here:

https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/
https://assets.bbhub.io/promo/sites/12/1060725_Crypto-Apr2021Outlook.pdf
https://research.aimultiple.com/cryptocurrency-stats/
https://techjury.net/blog/cryptocurrency-statistics/#gref
https://triple-a.io/crypto-ownership/

NOTE:
the rest use research first, because the sources I have listed are not necessarily authentic.

BIN-BIN

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As at the time of creating this thread Bitcoin is sold for $33,900, in recent days the entire market led by Bitcoin has faced what looks like a bear market where bitcoin went below $30,000 late last week before recovering back to its present price. This has driven me to the conclusion that bitcoin in this year 2021 made the highest price movement since it was created a decade ago.
Can we now call 2021 the year of Bitcoin/crypto adoption year?

Topic: What have changed in BTC price - page 4. (Read 538 times)