According to analyst Brian Stutland of Equity Armor Investments, interviewed by CNBC, Bitcoin is becoming the new VIX, a sort of anticipation of volatility and fear in the market, there is a huge correlation right now between VIX and bitcoin, has said the analyst who then added:
“Bitcoin is a way for investors to substantially shift their bank money to their wallets, essentially conserving their money under the pillow in the form of virtual currency.”
The price of Bitcoin remains in the $ 7,500 area after yesterday afternoon there was a sudden bullish tear that had brought the market from $ 7,100 to 7,500 within an hour. All the major cryptocurrencies have followed the movement, recovering the losses of the morning and scoring important recoveries.
The global market capitalization of all cryptocurrencies is down 30% from the highs of early May but in the last 24 hours it has increased by $ 22 billion, and is now 328.5 billion according to when it reports coinmarketcap
Cardano seems to be one of the investors’ favorite assets right now, ADA is rising 12%.
According to Cardano’s founder and CEO – Charles Hoskinson, his currency will beat Bitcoin and Ethereum in a year. Mr. Hoskinson made some comments immediately after ADA reached the seventh position by market capitalization.
“Why is someone worthy of their positions in market capitalization? Bitcoin is advertised as a payment system and a medium of exchange, but anyone who has ever tried to use it for this, seen a miserable failure “wrote Hoskinson
Double-digit increases are also seen on Bitcoin Cash (+ 13%), EOS (+ 10%) and IOTA (+ 17%).