Bitcoin Remains Near $9.3k as Big Tech Dominates Stock Market

Share Article

The top 5 tech companies, Apple, Facebook, Amazon, Microsoft, and Alphabet hold a staggering 18% of the entire market value as recorded by the S&P 500. Such control hasn’t been seen since 2000, with Microsoft being the only repeat party. Bitcoin is also holding its own near the $9.3k mark after a short dip.



However, the market back then was in a bubble that eventually had to pop, likely causing some investors to hesitate during the current situation for fear of another drop. But David Kostin, the Chief U.S. Equity Strategist at Goldman Sachs, has some advice for those worried about a crash.

“Lower growth expectations, lower valuations, and a greater re-investment ratio suggest the current concentration may be more sustainable than it proved to be in 2000,” Kostin said in a note. [CNBC]



Considering that big tech is much more established than it was two decades ago, Kostin’s advice will likely ring true, especially considering the tech industry’s constant growth and expansion into new sectors (such as Bitcoin).

However, these tech giants aren’t the only market performers with a seemingly bright future. Bitcoin and cryptocurrencies in general have had a developmental year, and the future for them now seems brighter than ever before.

Lately, Bitcoin’s price has been sitting above the $9,000 mark by a good margin, with the asset reporting near $9,300 as of this writing. That’s not to mention multiple expansions and developments such as Twitter CEO Jack Dorsey’s payments company, Square, focusing on the Lightning Network or Bitcoin Futures Open Interest seeing a significant increase as well. An asset that many once considered a bubble may prove to be something much more valuable after all. Goldman Sachs itself even recently gave the signal to buy Bitcoin, as BeInCrypto has previously reported.

Interest in blockchain technology is also high this year, with Facebook itself looking into its power to run its own Libra cryptocurrency, which is set for release later this year. China also has its own digital asset that could see a 2020 launch as well.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and fell down the rabbit hole. Since starting in 2017, Max has worked with multiple blockchain startups and crypto enthusiast spaces, doing his best to educate the world on the nascent technology.

Follow Author

Daily signals, Bitcoin analytics and traders chat. Join our Telegram today!

Let’s Go

What are Crypto Wallets? Everything You Need to Know

Learn now