Cryptocurrency Continues to Slump, Bitcoin Remains Stable at $8,200

Cryptocurrency Continues to Slump, Bitcoin Remains Stable at $8,200

The cryptocurrency market has continued to slump over the past few weeks, as both major and minor cryptocurrencies followed the price trend of bitcoin.

Throughout the past 24 hours, bitcoin hasnt recorded large price movements and remained in the range of $7,900 to $8,300. At the time of reporting, the price of bitcoin is $8,190, with relatively low trading volumes to support its recovery.

Tom Lee, an analyst at Wall Street firm Fundstrat and known to be a bitcoin bull, stated that the price of bitcoin will likely drop to a yearly low before recording a swift recovery.

While traders still believe the price of bitcoin will likely suffer another correction before a short-term recovery occurs, billionaires including Peter Thiel and Alan Howard have expressed their optimism towards the cryptocurrency market.

Howard, who acquired a massive amount of cryptocurrencies in 2017, stated that he has obtained even more digital assets this year, essentially buying the dip.

Hedge fund billionaire Alan Howard made sizable personal investments in cryptocurrencies last year and plans to put more of his own money into digital assets and the blockchain technology behind them, according to people with knowledge of the matter, Bloomberg reported.

At the Economic Club in New York City, billionaire investor Peter Thiel stated that he is still long on bitcoin, and that he is more optimistic towards the cryptocurrency than before. Thiel emphasized that he is skeptical towards everything else, including major cryptocurrencies, apart from bitcoin.

Fundamentally, bitcoin and other cryptocurrencies should be rising in value as of current, given the speedy developments that are being led within the cryptocurrency space. This week, second-layer scaling solution for bitcoin in Lightning Network was launched in mainnet, through the launch of its beta software.

lnd-0.4 beta is a huge accomplishment by many engineers, testers, and users around the world, but its the very beginning for the Lightning Network. As users begin to experiment with Lightning and as the network begins to grow, well be working on a number of key infrastructure components that will contribute to the instant, user-friendly experience Lightning can bring to Bitcoin and other cryptocurrencies, wrote the Lightning development team.

However, the market is not focusing on the innovative developments happening within the space, and is depending on negative media coverage involving traditional finance experts criticizing bitcoin and other cryptocurrencies without sound arguments and evidence.

This is a period in which negative news leads to market panic while positive news does not have a huge impact on the market. Given the current trend of cryptocurrencies, while analysts agree they will recover in the long-term, major digital currencies will likely not be able to make big upward movements in the short-term.

Featured image from Shutterstock.

16.03.2018 / 07:09 207
Cryptocurrency Market Moves Closer to $400 Billion as Bitcoin Surges 14% Cryptocurrency Market Moves Closer to
Over the past 24 hours, the cryptocurrency market has sustained strong momentum, moving closer to the $400 billion region. Led by bitcoin, many major
Cryptocurrency Market Stalls at $380 Billion, is Bitcoin Ready to Climb Up? Cryptocurrency Market Stalls at $380
The cryptocurrency market has been highly volatile throughout this week, as major cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin
Cryptocurrency Market Rebounds by $40 Billion, But Bitcoin and Ethereum Remain Volatile Cryptocurrency Market Rebounds by $40
The cryptocurrency market rebounded after dropping below $344 billion, losing over $100 billion within the past week. Although major cryptocurrencies
Cryptocurrency Market Sheds $22 Billion as Every Major Currency Dips Cryptocurrency Market Sheds $22 Billion
Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, and other major cryptocurrencies with the exception of Monero have experienced a decline
Cryptocurrency Market Continues Recovery as Ethereum Records 15% Gain Cryptocurrency Market Continues
The cryptocurrency market has continued to recover at a rapid rate over the past 24 hours, as several major cryptocurrencies such as bitcoin and
Cryptocurrency Market Remains Volatile, Litecoin Sustains Momentum With 4% Gains Cryptocurrency Market Remains Volatile,
Yesterday, on February 25, CCN reported that the cryptocurrency market struggled to maintain momentum in the $500 billion region, falling to $430
Comments (0)
Add a comment
Comment on