Bitcoin bull market may last longer
Recently, crypto investors are constantly reaping surprises. On February 19th, the total market value of Bitcoin exceeded US$1 trillion for the first time. On February 20, the price of Bitcoin broke the US$57,000 mark. Since the beginning of the year, the price of Bitcoin has climbed from around US$28,000 to US$57,000; it has doubled in just 50 days. Throughout 2020, Bitcoin has risen by nearly 300%.
Musk not only allowed Bitcoin to buy Tesco, but also changed his profile picture for Bitcoin; while Bill Gates turned neutral on Bitcoin, etc. How long will this bull market last for Bitcoin? What are the risks behind it? Since the beginning of this year, Bitcoin has continued to rise for nearly two months, continuously breaking through the US$30,000, US$40,000, and US$50,000 marks.
At present, the Bitcoin transaction price is around US$58,000, with a total market value of US$1.05 trillion. On February 19, the total market value of Bitcoin exceeded US$1 trillion for the first time. On February 22, the price of Bitcoin rose to above US$58,337.
From a macro perspective, the support of this round of currency prices is basically the supports by central banks in the global epidemic. The supports to the crypto market have in turn supported the current high market value of cryptocurrencies.
From an operational perspective, the Wall Street institutions represented by Grayscale and the large companies represented by Tesla are gradually participating in the cryptocurrency market, which undoubtedly brings strong confidence to other participants in the market.
After the price of Bitcoin soared to a record high, the “opinion leader” Musk replied to the cryptocurrency skeptics on Saturday that the current Bitcoin prices “seem high” and was once replaced with an avatar with the word Bitcoin.
Previously, Tesla disclosed that it had invested US$1.5 billion in Bitcoin and plans to accept customers to use Bitcoin to purchase Tesla related products soon.
At the same time, other cryptocurrencies also rose collectively. The Ethereum rose above US$1,900, while Litecoin and Ripple rose to varying degrees. The NGK related tokens include computing power, SPC computing power reward tokens, and VAST tokens have all increased to varying degrees. This is also affected by the launch of NGK ecological exchange.
Participants in the NGK ecological construction who received the SPC reward tokens and VAST tokens in their accounts have caught up with this good time. The holding cost of NGK computing power is now affected by price factors.
The value-added of NGK is the value of the real technology. Under the design principle of “independent innovation, safety and efficiency, and open sharing”, the NGK blockchain creates a leading foundation for facilities and services, with characteristics such as high performance, high security, high-speed access, and efficient operation. The NGK will continue to build more ecological projects, improve its own ecosystem, and seek more benefits for its users!