A Fearless Honey Badger: Bitcoin Defies Doubts as Price Approaches $600

Bitcoin has ignored all the doubters and continued to rise in price. The current price has exceeded $570 on most exchanges. Just recently, The Economist published an article claiming that Bitcoin's recovery is just a flash in the pan and that Ethereum will take over. However, Bitcoin's value in the cryptocurrency ecosystem is breaking people's thinking patterns. Bitcoin, the honey badger (the most fearless animal in the world), responded to the doubts with a " don't care " attitude.

Bitcoin defies negative sentiment and rises again

On the Bitstamp platform, the current price of Bitcoin has once again broken through many resistances and has risen from $535 yesterday to $555-570. Bitcoin is still the king of cryptocurrencies. Even before this, there were reports that Bitcoin is currently being replaced by Ethereum, such as The Economist. For them and those who have done little research on the industry, Ethereum is taking over Bitcoin. However, even if this happens, it will take a long time. And many people want to end this endless debate, because Bitcoin and Ethereum are two different kinds of decentralized networks, so there is no point in comparing the two.

Bitcoin trading volume has been quite strong in the past 24 hours, reaching $88 million. Chinese exchanges are seeing a frenzy of trading, which has been a major factor in the price increase. However, Bitcoin is also seeing strong activity in Japan, Latin America, Sub-Saharan Africa, the UK and many other regions. People are also excited to hear that Bitcoin usage has doubled in some regions, such as Canada in 2015. Bitcoin prices showed signs of stabilizing earlier this week. However, Bitcoin is still in a state of potential breakout, and many traders are still optimistic about the value of Bitcoin. From Monday to Thursday this week, Bitcoin prices remained stable, and its value looked like it would shrink, causing some people to change their minds about Bitcoin. However, Bitcoin broke out again, approaching the $600 mark.

Financial markets have caused some trouble for some investors and certain assets. However, gold prices have been doing better and people around the world are clearly hedging and are getting exposure to higher return markets such as cryptocurrencies.

A honey badger that does whatever it wants

The Bitcoin fire continues to burn, regardless of what anyone thinks. However, there are still some people complaining that the Bitcoin network is slower than usual and they are waiting longer for transactions to be confirmed. There is no consensus on whether this problem should be solved through off-chain solutions or on-chain solutions, such as the 2MB block size hard fork. With the emergence of expansion concepts such as Thunder Network, the debate is becoming less and less. Enthusiasm is still high, and people were very excited when Andreas Antonopoulos told a room full of Deloitte bankers and investors in his speech that blockchain needs Bitcoin. In addition, Blockchain.info released the initial version of Thunder Network, showing the valuable attributes of the Bitcoin network, and the Bitcoin community hopes to see more projects like this. In general, the Bitcoin honey badger has been doing what it wants to do. Sometimes it will stop to rest, and sometimes it will bite you in the back. Let people know that the Bitcoin craze is not a flash in the pan, and it will continue to serve as a good specimen of permissionless technology.