Another bitcoin rally is in the offing and this time, it's for real. Alex Karasulu, founder/CEO of OptDyn Inc., revealed this and other ideas, which have bitcoin and other major cryptocurrencies as a good diversifying asset in the midst of hard times for the US, Forbes reported. The cryptocurrency ecosystem is also a good alternative to the 'existing fiat currency system,' Karasulu added.
The reason behind all of this is the US economy, which had become fairly 'unstable.' The bullish uptick happened because of the 'destabilization' of the economy, where the currencies are indexed to the US dollar. The trade tariffs and all the various problems happening have markets spooked to the point that they're looking for an alternative, where some have cryptocurrency as a fallback.
The trade war, for instance, was used as an example. The tariff dispute turned ugly in early June. During that same period, cryptocurrency rallied but pulled back again by the end of that month, when the US and China agreed to discuss the problems. Given that, Karasulu noted that the weakness of the US dollar-in a global sense-is not going away any time soon.
Coin Telegraph reported on the perceived dominance of bitcoin, and it's been impressive so far. Its value has been up by 58.6% and the rally helped with the market capitalization of cryptocurrencies, which has crossed the $325 billion territories. This had been backed by an increase of open interest in bitcoin futures, which hit an all-time high on the CME on June 17.