Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Bitcoin Price Might Drop To $6,000, But There Is Good News

The last few days have been rather dramatic for the cryptocurrency market, as most of the coins marked severe double-digits losses. Bitcoin’s massive price dump of $1500 in an hour was alarming for the community. However, the bigger picture provides positivity, especially when we look at the lows of 2018.

Comparison Between 2018 and 2019

In late 2017, cryptocurrencies were experiencing price increases day after day, which ultimately led to Bitcoin’s $20,000 all-time high. It came rather unexpected for some when in 2018 the trend reversed, resulting in serious decreases across the board. Bitcoin, for example, hit the yearly bottom price of $3,150 in December of 2018 – exactly a year after reaching the all-time high.

That steadily decreasing price movement scared the community and the most recent crypto crash might have brought similar fears. However, even if Bitcoin continues to fall now, it would still be a big increase compared to last year’s lowest price. If Bitcoin goes down to $6,000, that would mean that its price is almost double than the 2018 bottom of $3,150.

Moreover, it’s important to note the massive developments that we’ve seen since back then.

Bitcoin’s Fundamentals Are Strong

While the price is still plunging and Bitcoin has lost another 4% in the last few hours, the fundamentals behind it are quite positive. Even though Bakkt’s future platform was launched with minimal initial volume, it’s still considered as a major move in the right direction, because of its regulated nature.

Bitcoin’s hash rate saw a short-term drop when the crash occurred but it’s raising steadily with now more than 90 quintillion hashes per second. Also, as CryptoPotato reported earlier, on-chain transactions have been constantly increasing over the years, hitting an all-time high today.

Bitcoin’s price at the moment is at $8,000 USD, which compared to just a few days ago is a severe decline. However, ever since the beginning of the year, the largest cryptocurrency has more than doubled its price, starting 2019 at $3,700 USD.

Source: cryptopotato

Advertisement

Copyright © 2020 Elevenews