The cryptocurrency market continues to be in an upward trend

Cryptocurrency expert Willie Wu said that his analysis of the digital asset market shows that bitcoin, as well as most altcoins, continue to be in a trend of price appreciation. He points out that the number of bitcoin blockchain users is growing, and those entering the market for the first time are taking the opportunity to buy the No. 1 cryptocurrency at an attractive price when the asset temporarily falls in price.

He noted that bitcoin’s user base has steadily doubled every year and has done so for 12 years of the asset’s existence. According to Wu’s prediction, bitcoin will end 2021 at no less than the record that was observed in December 2017, when the No. 1 cryptocurrency was priced just above $20,000.

It’s worth noting that the market is sending some really positive signals. For example, according to Glassnode, bitcoin outflows from cryptocurrency exchanges are now quite significant. Not surprisingly, at the beginning of May 25, bitcoin is trading at $38,500, moving away from the low of $32,000 seen on May 23.

Analysts also note the large issuance of stabelcoin, which amounted to $8 billion in dollar equivalent last week, with a record issuance occurring on May 19. Elon Musk reiterated his support for bitcoin, noting that miners of North America’s oldest cryptocurrency have said they will strive to maximize the use of electricity generated by renewable energy sources in their operations, and intend to convince their peers to follow such a “green” trend.

Meanwhile, long-term investors continue to increase their buying of bitcoins.