Price Analysis 5/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA
Cointelegraph
Published May 29, 2020 02:52PM ET
Updated May 29, 2020 04:40PM ET
Institutional demand for Bitcoin remains high, even as the price turned down after the block reward halving. Some in the space believe that if institutional and retail demand picks up, there will be a severe shortage of (BTC), which can quickly push its price higher.
A small example can be seen in the way crypto fund manager Grayscale Investments has been lapping up Bitcoin, the top-ranked cryptocurrency on CoinMarketCap. Since the halving, Grayscale alone has bought about 150% of the newly mined Bitcoin. If this pace of purchasing continues for a few more weeks, traders’ sentiment could turn decidedly bullish.
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Written By: Cointelegraph
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