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MilliBitcoin (or mBTC) is a denomination of the cryptocurrency Bitcoin, but what is an mBTC worth in BTC?

And: how does the development of BTC affect this? And how is BTC developing at the moment and what influences this?

MBTC to USD General Overview

A MilliBitcoin or mBTC is a denomination of the cryptocurrency Bitcoin and 1 MilliBitcoin (mBTC) is always worth 0.001 Bitcoins (BTC). Thus, 1000 mBTC is equivalent to a single Bitcoin.

BTC is the largest cryptocurrency in the world by market capitalisation and is widely considered the "first" cryptocurrency ever. CoinMarketCap ranks it among the top 100 cryptocurrencies by market capitalisation.

Bitcoin Token Performance

Bitcoin is the largest cryptocurrency by market capitalisation but has the second-highest 24-hour trading volume behind USDT (if statistics from Tether and its partners are to be believed).

As of 01/07/2020 (23:54PM), Bitcoin boasts:

• Market cap: $169,981,414,484
• Price: $9,227.96 
• Volume (24hr): $15,946,925,052

As such, one mBTC is currently worth $9.22796.

BTC Has outperformed tokens such as XRP and Bitcoin Cash over the past 7 and 30 days however only through sideways trajectory movements whose losses are less significant than those of its peers. This means that the value has changed little over the course of the month.

This has spelt trouble for short term investors/day traders, as well as affecting futures banking on the tokens' success at this point in time: however, it has also led to more positive reports from those who value low volatility investments who brand the recent status as ‘stable’.

Furthermore, the low volatility correlates with what Coindesk describes as the most stable time for ‘bitcoin mining difficulty’ in 10 years.

What do pundits think About MBTC to USD?

According to CoinDesk (June 30, 2020): Global head of research at Bitwise (cryptocurrency index and beta fund provider) Matthew Hougan issued a letter to Bitwise investors on June 15 which claimed that Bitcoin could reach as high as $50k “ if its market capitalization reached just 10% of gold’s roughly $9 trillion.”.

Popular Twitter influencer and crypto analyst Willy Woo is working on a new Bitcoin price prediction model according to a tweet published June 27th. He uses this model to make one assumption and one prediction:

• That Bitcoin was working towards a “bullish run until the COVID white swan killed the party”... claiming that “COVID was a model breaking outlier”.
• That we are close to “another bullish run” which may occur in approximately one month.

Woo also concludes that “a long sideways accumulation band is ultimately a good thing.”.

Joseph Young, an analyst who also writes for many crypto publications including Cointelegraph, tweeted on June 28th that he believed there are several “fundamental factors” suggesting a long term bull market: even in spite of what he recognised as “strong arguments for bears in the short term”.

This is in reference to a model published by market analyst @glassnode on the same day.

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