Bitcoin Recovers – Within the past 48 hours, the Bitcoin price recovered beyond the $3,500 support level and avoided a further drop below $3,000.
The valuation of the cryptocurrency market increased from $110 billion to $120 billion.
Following this Bitcoin rally, billionaire investor Mike Novogratz stated that every major macro fund should hold at least 1 percent of their portfolios in Bitcoin.
It has been recorded that every two years or so, the Bitcoin network goes through a halvening which decreases the amount of BTC miners can generate.
As the amount of BTC that can be generated decreases, the potential circulating supply of BTC declines.
If the demand for BTC goes up or remains the same and the supply of the asset decreases, it causes the price of BTC to go up.
The Bitcoin halvening is estimated to occur in May 2020 and as such, analysts see the dominant cryptocurrency recovering by May 2019.