How Important is 100B MarketCap for BTC

[ukr2net]

Since at least February, large players have seemed dead set on defending the 100 Billion MarketCap mark for Bitcoin (BTC).

Shorting Bitcoin on Bitmex has now become crowded trade but twice before shorts got squeezed, retail traders got liquidated and 100B was held.

How important is 100B Market Cap for Bitcoin? Is it the bottom?

What say you guys?

P.S. I've noticed that round numbers attract money in some very irrational way  

https://i.imgur.com/yXsXaU1.jpg

[OmegaStarScream]

Just like the price, the marketcap is not really important. It actually means nothing and It's much lower then 100B If we take in consideration the lost and untouched coins.

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

[CodyAlfaridzi]

How important is 100B Market Cap for Bitcoin? Is it the bottom?

Not important and surely not the bottom. I don't think market cap could be sort of a support for price. I know that round number prices can be a psychological support/resistance but I think it doesn't really apply to market cap. Speaking of the bottom, I'm still expecting Bitcoin to break yearly low of $5700. I've lost count how many times Bitcoin has touched $6000 only to rebound shortly after. I'm really really waiting for cheap coins

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

I don't think small merchant acceptance and ATMs are still relevant these days. Pretty sure we've moved on and people might have realized that Bitcoin isn't really the best tools for daily payment for now. What people expect now is adoption by huge financial institutions and easier access for major investment Bitcoin from big firms and common people.

[palle11]

Just like the price, the marketcap is not really important. It actually means nothing and It's much lower then 100B If we take in consideration the lost and untouched coins.

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

This post is a very logical one and have really treated the cacophony about marketcap. Really, it means nothing in the sense that, it does not have any effect on bitcoin adoption usage etc or neither would it affect bitcoin too. Marketcap to me is an after effect and nothing more.

It simply shows what people's decision are on the coin. More like an index/indices, table , graph etc. What matters are what countries are making positive moves about it, stores adopting etc which only shows in the "graph" as marketcap .

[pitiflin]

Just like the price, the marketcap is not really important. It actually means nothing and It's much lower then 100B If we take in consideration the lost and untouched coins.

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

Yeah adoption ain't gonna happen, definitely not when people think of it as an asset. Because of that mindset, the price matters, the "marketcap" markets.

Market cap is a statistic, as useless as this: http://www.joe-ks.com/archives_feb2004/Useless_Stats.htm

So it's totally unimportant if you ask me.

[ukr2net]

Just like the price, the marketcap is not really important. It actually means nothing and It's much lower then 100B If we take in consideration the lost and untouched coins.

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

Yeah adoption ain't gonna happen, definitely not when people think of it as an asset. Because of that mindset, the price matters, the "marketcap" markets.

Market cap is a statistic, as useless as this: http://www.joe-ks.com/archives_feb2004/Useless_Stats.htm

So it's totally unimportant if you ask me.

I think, more time the better, bear markets don't last forever, the longer the price stays above a certain point, the more people will regain faith in the price and will start opening up new positions.

[BitCoinDream]

Magic figure in terms of USD has no significance in BTC.

[coinsontheroad]

Just like the price, the marketcap is not really important. It actually means nothing and It's much lower then 100B If we take in consideration the lost and untouched coins.

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

This is going to be the one true indicator and its also going to be the indicator dictates which coins win out in the end.

The market will make its decisions.

[stompix]

Just like the price, the marketcap is not really important. It actually means nothing and It's much lower then 100B If we take in consideration the lost and untouched coins.

What you really need to look into to know If we're progressing or not is the number of ATMs, services, local shops etc. that accepts bitcoin and how are they growing over the months.

There is something more we need, people to use this option of payment.
You can have 300 hotels accepting BTC in a single town if nothing is paying for spending a night bit crypto it doesn't matter in the end.

I always keep a look at the number of tx per day and there is simply no upwards trend. People are simply not willing to buy stuff with BTC, they are holding it even harder than in 2014-2016 during the bear season(s) and I really doubt we are going to see something more than a 10-20(?) % increase till the end of the year if the price will not move.

I don't think small merchant acceptance and ATMs are still relevant these days. Pretty sure we've moved on and people might have realized that Bitcoin isn't really the best tools for daily payment for now. What people expect now is adoption by huge financial institutions and easier access for major investment Bitcoin from big firms and common people.

Why would they invest in something that is not suitable for anything else than hodling till you can sell at a profit?
I don't think so!

[OmegaStarScream]

There is something more we need, people to use this option of payment.
You can have 300 hotels accepting BTC in a single town if nothing is paying for spending a night bit crypto it doesn't matter in the end.

You're making a point but I don't think these services would take the efforts to implement bitcoin as a payment method If they knew they will have no users. I'm pretty sure studies are being done.

[Don Pedro Dinero]

There is something more we need, people to use this option of payment.
You can have 300 hotels accepting BTC in a single town if nothing is paying for spending a night bit crypto it doesn't matter in the end.

You're making a point but I don't think these services would take the efforts to implement bitcoin as a payment method If they knew they will have no users. I'm pretty sure studies are being done.

I thought about that when I opened this post https://bitcointalk.org/index.php?topic=4999948.0 (for some reason, hyperlink isn't working).

I haven’t found any reply from someone saying that they have bought goods or services in physical shops. Some have bought goods on the internet, others have paid in shops with a card that automatically converts to fiat to pay but so far, no one says they have paid directly with bitcoin in a physical shop. That's on the biggest bitcoin forum in the whole world. I assume some have spent but haven't seen the thread.

I would say most people accepting bitcoin in their shops aren’t doing studies. They are just bitcoin believers and want to help bitcoin adoption, like iasenko:

I own a computer hardware shop and I was thinking about it many times to add a bitcoin as a payment method. The only thing that is stopping me till now is how to convince our accountant that things won't be that hard to calculate. She is a bit negative about it as she don't understand the concept behind the bitcoin / as many others/ We've been working for almost 10 years now so I don't really what to change her but.. we have to find some solution.

[oo666oo]

Since at least February, large players have seemed dead set on defending the 100 Billion MarketCap mark for Bitcoin (BTC).

Shorting Bitcoin on Bitmex has now become crowded trade but twice before shorts got squeezed, retail traders got liquidated and 100B was held.

How important is 100B Market Cap for Bitcoin? Is it the bottom?

What say you guys?

P.S. I've noticed that round numbers attract money in some very irrational way  

This is a quite interesting consideration. I mean the one about round numbers and irrational. However, not sure this round number will be decisive in determining the bottom ot Bitcoin. It could also be decisive to cause a capitulation by breaking this threshold.

[TheBeardedBaby]

~

It's not so easy to integrate the bitcoin as a payment system when you have to pay taxes and your country has not defined rules and regulation on bitcoin, yet.
BTW I still own the shop but I'm not living in the country anymore, so it could be easier if I'm there on the spot to have a control on it.