Despite recent Bitcoin price declines, Wall Street bull ‘Tom Lee’ still believes that Bitcoin will gradually regain market share. Tom Lee, the Head of Research at Fundstrat Global Advisors, highlighted on Monday, the importance of Bitcoin’s dominance figure for CNBC viewers. According to Lee, “Bitcoin isn’t broken if it’s holding at these levels. I think people are.
Despite recent Bitcoin price declines, Wall Street bull ‘Tom Lee’ still believes that Bitcoin will gradually regain market share.
Tom Lee, the Head of Research at Fundstrat Global Advisors, highlighted on Monday, the importance of Bitcoin’s dominance figure for CNBC viewers.
According to Lee, “Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.”
“The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market.”
While many expected Bitcoin to recede into obscurity as 2018 moved forward, Lee added that Bitcoin’s recent resurgence suggests that Bitcoin still holds the coveted position as the most reliable cryptocurrency investment. He elaborated, stating:
“Bitcoin’s dominance has been creeping up. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%. So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood.
So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”