According to coinmarketcap, Bitcoin is now valued the volume of $66,550,138,369, trading with a fall of 10.09% in price during the last 24hrs. Consequently, Bitcoin is trading at the value of $3815 as per the data from coinmarketcap at the time of reporting.
The market which was quite encouraging yesterday is screening the scarlet today. Following Bitcoin’s crash from $4200 yesterday to below $3800 today, XRP has also lost 13.21% of its value during the last 24hrs. Moreover, the other major cryptocurrencies including Ethereum, Bitcoin Cash, EOS, Stellar has also missed the volume of 12.58%, 24.38%, 14.52%, and 11.79% respectively. In this red zone, Tether is quite impressive with value upsurge of 0.22% today.
Expert’s Prediction – And Bitcoin Price
Andrey Alekhin, CEO of blockchain art firm Snark.art talks about the declining figures of major cryptocurrencies. He said that;
“I don’t think this is the end of a [downward] trend. At least not yet,” he continued that; “As a result of a steady decline in the crypto markets, many blockchain startups have been cutting down their activity or even leaving the market entirely. Startups liquidating their positions in crypto to survive will continue for some time, as will the bear market [in which share prices are falling].”
Despite the regular crash, analysts and major industry leaders are eyeing on the potential of its future.
As such, coingape reported Binance CEO Changpeng Zhao to talk confidently on the future of blockchain technology despite his own assets are down. Additionally, Galaxy Digital’s Novogratz has also discussed with Bloomberg stating that he doesn’t expect the price of Bitcoin to drop a much further. Moreover, he predicted the next value of bitcoin within the figure of $3000 $6000.
Nevertheless, the other analyst David Thomas who is the director and co-founder of London-based crypto broker GlobalBloc called 2018 as the ‘frankly dreadful’ year for the crypto market.
Do you think Bitcoin will re-enter the market with new force in the coming year? What’s your prediction? Let’s discuss.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com