Is the Bitcoin Bottom In?
Bitcoin Bottoming In?
What is the state of bitcoin right now? Is it the future of cryptocurrency or is it bottoming out? According to a NewsBTC report on August 17, 2018, the bitcoin price has risen from $5,850 to $6,500. The transition has to lead the entire crypto market to bounce back by a large margin. In late 2017 bitcoin made its highest peak at roughly almost $20,000. Around Early February bitcoin made a fall drastically back to an estimated $6,133. Due to the momentum of bitcoin tokens and small market cap cryptocurrencies have grown by large margins. Will Bitcoin continue to rise in the cryptocurrency future? According to the CEO of BITMEX Arthur Hayes and Susquehanna digital asset leader Bart Smith, despite the increasing value of bitcoin it’s still work in terms of correction. Bitcoin hasn’t seen a large bounce back since early April 2018 the price of bitcoin boost up from $5,900 to $10,000 and the value of the crypto market increased. So is the bitcoin close to bottoming? According to an article in October 2018 CNBC Spencer Bogart Of cryptocurrency and blockchain venture Blockchain Capital quoted “ Bitcoin is close to bottoming, and once it rebounds, developments will fuel its climb”. A strategic development is underway by TD Ameritrade with an exchange with ErisX which offers bitcoin spot and futures trading. Also, Virtu Financial An High-speed trading company will also support the exchange between the two crypto markets. The even more good news is that Bitwise Management’s Ric Edelman and David Swenson (known as Yale’s Warren Buffet) made an investment into the cryptocurrency world. “ These developments should help and become important building blocks to leading more institutional capital space in the cryptocurrency” quoted Bogart. He also quoted that the developments will take some time and that future crypto will be in a bonfire. Bitcoin had its ups and downs for the past few years but it should be safe in the near future with the proper investments and developments. NewsBTC stated that bitcoins drop is far less severe than what analyst had foreshadowed. They stated that the longer the cryptocurrency trade is flat the bigger the move will be in its future. As the bitcoin continues to fluctuate the crypto-coin is still expected to be around especially after all the investments and developments that are intact. Looking to invest in bitcoin in the near future should be a great investment.