Bitcoin is still unable to develop a clear-cut trend. The first cryptocurrency in the world completed a cycle of a price movement in almost six months. At present, bitcoin is trading at the same levels as in November 2017, i.e. at $7,500 – 8,000. In late December 2017, the most popular digital currency hit a historical high. Bitcoin’s price skyrocketed to $21,000 per token at some trading floors. However, the price did not stay at the peak for long and went into a downward spiral. Bitcoin tumbled to $7,500-8,000 by the end of May.
Meanwhile, experts are analyzing price twists and drawing conclusions. When bitcoin reached its peak, most experts said the soaring price came as no surprise and predicted new highs. Half a year later, they assess this price spike in a different way. Citing Anthony Pompliano, managing partner at Full Tilt, a rapid rally of bitcoin was unusual for the market. The expert thinks that at present Bitcoin is trading in its normal range which is break-even levels for mining bitcoin. The cryptocurrency needs a catalyst like positive news to push the price out of the range, but no news has been released so far. To sum up, the standstill in the market of cryptocurrencies is no reason to speak about a meltdown.
“The overall market capitalization of all digital assets surged 330% compared to May of 2017. This is not as high as it was during the peak. However, in principle this is an unprecedented increase for any class of assets,” eToro’s trading expert Mati Greenspan commented on the developments. So, traders are anticipating positive news which will trigger a rally on the market of cryptocurrencies.
