Bitcoin (BTC), the largest digital currency in the market, has registered a price increase since the beginning of the year of 40%. This shows that Bitcoin is one of the best-performing assets around the world, even more than oil.
Bitcoin Price Grows Over 40% in 2019
Bitcoin has experienced a very large price increase at the beginning of the current month when the digital currency moved from $4,200 and it surpassed $5,000 for the first time since November 2018. This was very positive for the space that has been in a bear trend in 2018.
The price increase experienced by Bitcoin has also been reflected in other digital assets. Binance Coin (BNB) is perhaps the best performing asset in the last months among the largest digital currencies. In this case, the virtual currency grew due to the release of the Binance Chain, the coin burn that the company performed and Binance Launchpad.
Something similar happened back in 2018 with Ethereum (ETH) that it reached $1,500 and it led to an increased in the demand for ERC-20 tokens. There are some experts that believe that Binance Coin could also trigger a similar altcoin bull run as Ethereum did in the past.
It is worth mentioning that BNB has several trading pairs in the Binance exchange. If there are individuals holding BNB that want to move their assets towards other coins, Binance offers the possibility to do so in a very easy way.
Su Zhu, the CEO of Three Arrows Capital, commented:
“There is an estimated $2 billion in cash sitting at crypto funds/holdcos. There is another $2 billion sitting in stablecoins, and another $2 billion sitting at exchanges/silvergate/signature. This is $6 billion fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.”
If this large amount of funds starts moving once again to the market, the sentiment could improve and digital assets could start growing once again, including Bitcoin. Although Bitcoin has been losing part of its dominance in the last months, it has now reached 52% of the market share. In the future, with a larger influx of money from institutional investors, this percentage could increase once again.
Currently, at the time of writing this article, Bitcoin is being traded around $5340 and it has a market capitalization of $94 billion.