Bloomberg about Crypto development
Bloomberg has published its “Bloomberg Crypto Outlook – January 2020 Edition” and in this it expresses itself positively towards the No.1 crypto currency Bitcoin. In the meantime, it has fallen below the important USD 8000 limit again. We take a look at the current situation on the crypto market.
Bloomberg Crypto Outlook
In the report Bloomberg refers to the important relationship between the price of gold and Bitcoin. A rising gold price could benefit Bitcoin in 2020. The upcoming Bitcoin Halving Event will significantly reduce the inflation rate. After the next Reward Halving Event it could even reach a value of less than 2 percent. Currently, the third Bitcoin Halving Event is scheduled for May 13.
Bloomberg attests that Bitcoin is in increasing demand for the year 2020. The foundation for this was already laid last year. In terms of price development, Bitcoin could climb back up to a value of USD 14000 in 2020. The report does not speak of a new all-time high.
Bitcoin vs. Altcoins
In the competition between Bitcoin and Altcoins, Bitcoin should continue to lead in 2020. Currently we see a Bitcoin dominance of about 69 %, the Altcoins share a market share of “only” 31 %. In the outlook Bloomberg expresses itself as follows: ” Bitcoin should continue to eclipse most crypto assets in 2020 as the unique and treasured digital version of gold. We see little to reverse the primary trends of 2019, with most crypto-currencies lagging behind and dependent on support from Bitcoin.
Bitcoin falls on Thursday
After the rapid price jumps at the beginning of the week, it currently looks like a small consolidation phase. Bitcoin is falling below the important 8000 USD mark again and must record a minus of about 5%. The market cap is also decreasing (approx. 10 billion USD), but is still above the 200 billion USD line.
A look at the Altcoins
Ethereum and Co. will follow the Bitcoin on Thursday. This is primarily due to the high Bitcoin dominance. Isolated price increases are the exception. Bitcoin SV (+ 2.83%), Monero (+ 2.81%) and Stellar (+ 1.31%) recorded slight price increases on Thursday. Lisk attacks the top 50 with a daily gain of about 20 %.
When will Ethereum 2.0 be launched?
The long-awaited change from Proof of Work to Proof of Work is to take place through “Ethereum 2.0” and improve the scalability of ETH. In recent weeks, many users have been talking about the launch of Ethereum 2.0, and now developer Paul Hauner has commented on the topic in a podcast. According to the podcast, the launch is planned for summer 2020. After the successful “Istanbul update” and the “Muir Glacier” fork, the Ethereum price climbed to over 140 USD last week. Despite the positive news, Ethereum is still down about 90% against the ATH. The switch to Ethereum 2.0. is considered a groundbreaking project.