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- Dan Hedl, director of business development for Kraken, in his recent tweet, mentions the bitcoin just getting started.
- Kraken Executive believes that even after ten years post the launch of BTC, the Cryptocurrency holders still are early investors.
Dan Hedl, director of business development for Kraken exchange, recently tweeted about the bitcoin just getting started. He believes that even after ten years post the launch of BTC, the Cryptocurrency holders still are early investors.
If you are reading this you are still early to Bitcoin.
— Dan Held (@danheld) May 2, 2020
The unprecedented growth of bitcoin in the past years, but as a market, it is still small than that of other major assets on a global scale. All of it indicates the place of bitcoin in the global market as compared to other major currencies.
Glassnode’s Analysis of Bitcoin Backs Hedl’s Claim
Founder and analyst at the crypto data firm Glassnode Rafael Schultze-Kraft have backed up Hedl’s statement. He adds the referencing data from his blockchain data platform to the market size of BTC.
And if you're wondering just how early we are to #Bitcoin – take a look at its relative market size.
Image source: https://t.co/UmLf0ILanN https://t.co/Zj8bM4Y528 pic.twitter.com/hM6ywbHfnM
— Rafael Schultze-Kraft (@n3ocortex) May 2, 2020
Kraft termed bitcoin as the “king coin” and claims it is a $165 billion market cap. According to kraft, even after the global crisis going on, bitcoin has faced the economic downturn has managed to have a bullish appearance in the markets with on-chain activity rising. He further mentions about BTC obtaining the size compared to gold, balance sheet, and the global currency supply. His reference data charts showed the continual and widespread adoption of bitcoin and the growing graph of new investors.
The on-chain fundamentals are also reaching to pre-crash levels, simultaneously with the price. However, January and February marked notable progress in on-chain activity. It further dropped off in March but is currently returning to previous levels.
[An] increase in the number of bitcoin sent per transaction suggests that the activity by larger investors, rather than traders and market opportunists.
Investors are focusing on bitcoin concerning its growth in the coming years and how it could escalate in the market cap. The reason examined behind its growth is its scarcity and how it will lead to its hike. However, the scarcity will precede by huge investments in bitcoin as a hard asset by the traditional investors.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
