eToro Analyst: Sideways Movement Will Increase Cryptocurrency Adoption

eToro Analyst: Sideways Movement Will Increase Cryptocurrency Adoption

The cryptocurrency market is continuing to experience downtrends, which pushed the market capitalisation below $300 billion during early morning trading on Wednesday. Yet, despite this, one analyst is confident of the market.

According to Mati Greenspan, senior market analyst at eToro, the price volatility of cryptocurrencies is a good thing for advocates of the market, according to a report from Market Watch.

At this stage price doesnt really matter, he said. The more sideways movement will increase the likelihood of adoption. We are seeing a pickup in day traders, more people playing the range, which helps the adoption of cryptocurrencies.

This is despite the fact that market prices have seen a drop in value over the last few weeks. Market factors such as increasing pressure to regulate the market in addition to major companies announcing advertising bans related to the cryptocurrency market have seen coin values fall.

On Tuesday, social media giant Twitters ban on digital currency adverts became effective, which saw market prices slump as a result. Twitters ban follows on from the likes of Facebook and Google.

Despite the downturn in market values, there are many who believe in the future of the cryptocurrency market.

Thomas Lee, head of research at Fundstrat Global Advisors, was reported as saying earlier this month that he believes bitcoin has the potential to reach $91,000 by 2020. At the time of publishing, the number one digital currency is trading at lower than $8,000, at $7,947, representing a near 11.50 percent drop in seven days, according to CoinMarketCap.

Previously, Fundstrat has said that when bitcoin is experiencing an index lower than 27 it sees the best 12-month performance. On the 9th March, bitcoin was at 18.8, the lowest it has been since the 6th September, 2011. It remains to be seen whether or not market prices improve and whether they can achieve new all-time highs from what they have already achieved.

For now, though, many will be watching the market to see what direction it will decide to take. Many, however, will be hoping for an upward trajectory that hasnt been seen since the end of last year.

The post eToro Analyst: Sideways Movement Will Increase Cryptocurrency Adoption appeared first on Ethereum World News.

28.03.2018 / 15:00 101
Cryptocurrency Market Takes a Minor Fall as Bitcoin and Ethereum Retreat 4% Cryptocurrency Market Takes a Minor
After recording a $20 billion increase in valuation, the cryptocurrency market has dropped in value, as major cryptocurrencies including bitcoin and
Analyst Predicts Bitcoin Price Drop to $2,800 This Year Analyst Predicts Bitcoin Price Drop to
Bitcoins pending death cross has left investors worried and confused. According to a graph posted by Bloomberg, the 50-day moving average is
Wall Street Analyst Creates Bitcoin Misery Index For Traders Wall Street Analyst Creates Bitcoin
Wall Street analyst Tom Lee creates a “Misery Index” that lets traders know how “miserable” Bitcoin hodlers are based on current prices. Wall
Bitcoin Price Sideways: The Price of Freedom Bitcoin Price Sideways: The Price of
With the current market movement (or lack of it) its important to understand the forces behind it and, at least to some extent, find reasons for the
Roger Ver Says Ethereum May Overtake Bitcoin in Market Cap Roger Ver Says Ethereum May Overtake
Roger Ver is quite an intriguing and somewhat controversial figure in the cryptocurrency world. As a notorious early Bitcoin investor, he has also
Litecoin Price Spikes 82% in a Single Day to Hit $300, Surpasses IOTA Litecoin Price Spikes 82% in a Single
The Litecoin price has achieved $300, as it surpassed IOTA with a $15 billion market cap, to become the fourth largest cryptocurrency in the world
Comments (0)
Add a comment
Comment on