Cryptocurrencies

The Compound: Only One Factor Drives Bitcoin Prices and This Is It

Posted on by Andrew Packer

Cryptocurrency prices have largely bounced around over the past few months. The crypto market set an all-time high earlier in the year. More recently, assets such as gold and stocks have taken the lead.

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    • That’s in spite of a slew of good news. Crypto ETFs have launched, including 11 bitcoin ETFs and several Ethereum ETFs. Investors have more and easier access to crypto than ever before. But other factors will push prices higher.

    Cryptocurrencies are incredibly volatile. When price soar, investors love the asset. When prices drop, they hate it. In a sideways market, investors tend to get frustrated and move on to faster-moving assets.

    Today, with crypto trading sideways, the digital asset space looks much like gold after its early year run. A further breakout is likely.

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    Part of that is that investors continue to accumulate cryptocurrencies such as bitcoin. Long-term holders look at it as a store of value. And bitcoin’s halving has reduced new supply. Right now, demand for bitcoin exceeds the latest daily new issuance.

    Over time, that should be bullish for prices. And could lead to a massive price move higher for bitcoin over the next 12-18 months. But in a short-term period, the price will remain volatile both up and down.

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    • Given the strong demand for bitcoin, and rising investor demand, this key factor driving prices should push them higher.

     

    To watch the full interview, click here.

     

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