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Litecoin (LTC) $ 73.26 0.60%

Bitcoin will soon reach 10.000 USD – ETH and XRP face new challenges

  • Bloomberg has published a report that reviews next year’s outlook for Bitcoin and crowns it king of adoption.
  • According the the report it is just a matter of time before Bitcoin reaches 10.000 USD again.

Bloomberg has published a report that analyses Bitcoin and the whole cryptocurrency market. It forecasts that Bitcoin has had and will continue to outperform other cryptocurrencies. Its conclusions point out that 2020 will be a bullish year for Bitcoin.

On the other hand, Ripple and Ethereum face new challenges in the Asian. An area that continues to make headlines because of its attitude towards cryptocurrencies.

Bitcoin will soon reach 10.000 USD again

The report about the performance of the market comes in a moment of strange calmness. A lot of analyses point to the prolongation of the bearish market. Bitcoin’s price has recovered and remained at a level of around 7,500 USD.

Bloomberg, while calling Bitcoin “quasi-currency,” predicts that 2020 will be a favorable year. In addition, the report points out two important aspects of market maturation: a reduction in volatility and it also marks 2019 as a year of transition from Bitcoin to a digital version of gold:

Like gold, Bitcoin is retracing a bear market, while most of its brethren (alt-coins) have increasing betas on the downside. For Bitcoin, we see $6,500 as good support and $10000 as initial resistance for 2020.

In addition, according to the report, the performance of Bitcoin from now on will be positive. Bloomberg claims that Bitcoin is winning the adoption race among other cryptocurrencies. For this reason, along with its increasingly limited supply, there is a price appreciation effect.

(…) unless the basic premises are reverse – mass adoption and fixed supply – there is a higher probability to sustain price appreciation vs. depreciation.

The report also states that the trading volume in Bitcoin will increasingly be similar to that of gold. In that sense, Bitcoin has outperformed almost all other cryptocurrencies and, according to the report, should remain at the forefront of adoption.

Ripple (XRP) dominates Japan – Explorer for Ethereum censored in China

On the other hand, in Asia, cryptospace continues to be attacked by China. According to the GreatFire website, the explorer has been censored by the Asian giant’s Firewall. The Central Bank of China had announced a hardening in its policies and with each day, this is confirmed with greater severity of the authorities. The explorer allows to see the movements of smart contracts in the Ethereum network.

In another Asian country, however, adoption is on the rise. Japan, although it has expressed no interest in developing a CBDC, has remained open to cryptocurrencies. Ripple announced a new partnership with FlashFX.

The company will implement Ripple’s On-Demand Liquidity (ODL) in Japan next year to open a new payment corridor. The announcement was made by Nicolas Steiger CEO of FlashFX. ODL uses Ripple’s native token, XRP, to process instant transactions.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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