The ongoing year was a tense year for Bitcoin and the people who are holding them as it has tumbled big time. While the price of Bitcoin was almost $20,000 in December 2017, it is almost $3000 at the beginning of 2019. The rapid drop in the value of Bitcoin dragged down the prices of altcoins as well, including Ethereum, Litecoin, and many others. Changes in prices pushed many of the hot disputes that are still ongoing; will cryptocurrencies be over in 2019? What will happen to Bitcoin? Is it still worth to invest in cryptocurrencies? Should I buy Bitcoin now as the price is down, or is it over for Bitcoin? These are the questions that we are hearing most of the time nowadays and honestly, nobody really has a proper answer for this. The concerns have been multiplied with the recent news about the stock market and thoughts about upcoming recessions.
As many of the analysts are warning regarding financial hardships that we should prepare for in 2019 and 2020. With news like this, it is natural that many people are afraid and highly concerned about what to expect from Bitcoin and other cryptos. Those who own it, are not sure if they should hold it or not, those who were going to buy or trade Bitcoin as the prices are down are questioning their decisions. The uncertainty is on the highest level possible. Some of the experts say that the bearish market is going to stay with us for some time again, but is it true for cryptocurrencies and mainly for Bitcoin? Some claim the answer is no.
A new milestone for Bitcoin
Just recently, the crypto market managed to gain around $45 billion in less than 10 days. While the cryptocurrency market capitalization was around $100 billion before on 14th of December, now it is around $1450 billion. Bitcoin has started stabilizing since December 15 and stabilized to above $4,000 price level. It also affected the price of Ethereum, as it has also climbed since December 23, by more than 50 percent against U.S. Dollar. Some people working in the industry say that while 2018 was a remarkably bad year for cryptocurrencies, it was the time of correction and now we have to leave this period in the past. Analysts also believe that in 2018 cryptocurrencies have hit a major bottom and no price will start to rise again.
Now, the next important milestone for Bitcoin is to go up to $5,000. if the rise of its value will continue and manage to go above $5,000 and also stay up at that level, the bear market may be over for soon, as many economists claim. There still is no clarity about the direction Bitcoin, other altcoins and cryptocurrencies are heading to, and what will happen to their prices. We are still in a regime of observing the market and can only make predictions depending on it. As experts say, there is some positive news that might have a positive effect on short-term price levels of Bitcoin.
Comments (0 comment(s))