Opinions

Bitcoin Price: BTC Drops Once Again

The crypto market has been showing major signs of volatility for a long time now with valuations dropping with huge percentages. The currencies are rising and falling with irregular patterns, giving no guarantee to the investors whether the market is going to rise or fall. Consequently, the trading volumes are dropping drastically, decreasing the market caps of various currencies.

Bitcoin, the leading cryptocurrency has fallen once again from a valuation of $3,800 to merely $3,500 signaling the amount of volatility. Consequently, the market cap has plunged from $124 billion to $119 billion. The instant plunges, showing vertical straight lines in the graphs of the market cap are alarming for investors and has made the currency more like gold than transactional currency. All the experts and market predictors are currently advising the investors to hold their currencies until the bull run gets back.

The market, at the moment, is showing major signs of reds with BTC, ETH, and all their derivatives plunging majorly. XRP still maintained its position at the top of altcoins, while ETH is still struggling with its market cap and valuation. One of the winners of the market at the moment seems to be Tether, who despite from the market plunge, is still sticking to the USD, trading at $1 at press time.

src: coin360.io

The momentum seems to be inclined towards a plunge rather than a bull run according to the market analysts. According to analysts, the volatility that the bear market brought along with it is signaling a lower low for BTC, but once the low is achieved, a bull run is expected. According to Clem Chambers, CEO at ADVFN plc and Online Blockchain plc,

Though Bitcoin at $2,500 would not be a great surprise in the first quarter of 2019, we can expect the king of cryptocurrencies to rally hard later this year with levels making the previous all-time high possible in 2020.

 

Tags

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.