At press time, the father of cryptocurrency is back up to $6,700. This is about $100 higher than where it was yesterday, and about $300 higher than where it’s stood all week.
Bitcoin has allegedly been on the brink of recovery. Following the news that the Securities and Exchange Commission (SEC) had rejected nine separate bitcoin ETF proposals, many thought the currency would react negatively to the news and tank like it usually does. Thankfully, bitcoin was largely unresponsive to the news, and remained in the $6,400 range throughout the week, giving many people hope that the market was beginning to mature.
Now, with this $300 spike, enthusiasm appears to be growing. Overall, bitcoin has expanded by approximately 4.1 percent over the past few days, while the currency is valued at roughly $116 billion, higher than any other digital asset. Furthermore, daily trading volumes have spiked to $3.4 billion, while bitcoin dominates approximately 53.3 percent of the cryptocurrency market.
Fundstat’s Tom Lee is back in the news and betting on a $20,000 price once again. Despite the nasty drops and bitcoin’s up-and-down behavior as of late, he still believes the currency could end the year on a solid note.
He states that one of the reasons bitcoin hasn’t been doing well is due to its correlation with emerging markets, which haven’t appealed to investors. He states that last year, when bitcoin reached its all-time high, emerging markets were garnering widespread attention, but now that investors are looking more towards established institutions to build their portfolios and emerging markets are the products of sell-offs, bitcoin has become an inherent victim.
“Both really essentially peaked early this year, and they both have been in a downward trend,” he commented of both emerging markets and bitcoin. “Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.”
But he also points out where there’s potential to make money. He sees the “tide changing” thanks to a weakening U.S. dollar and the slowing of the Federal Reserve’s interest rate hike policy.
“I still think it’s possible,” he states of bitcoin reaching $20,000 in the coming months. “Bitcoin could end the year explosively higher.”
Lastly, he also confirms that hedge funds have gotten heavily involved in the crypto market, and believes they’re influencing the arena like they never have before.
“I do think in 2018 trading has shifted,” he comments. “I do think hedge funds are playing a role right now.”
Image(s): Shutterstock.com
2 Comments
Now I’m thinking that letting the huge Hedge fund investors into the Bitcoin market may be a big mistake. I’m reading that they are essentially making billions of dollars trading Bitcoin already! That isn’t good for the ordinary investor. I think they are already controlling the market and it’s costing us!
There is no doubt about it, market that dips and crashes like this are difficult to deal with. No matter what happens with this market, this is the best time to invest in cryptocurrencies because these coins you see going down now will go crazy higher in no time. The prices of these cryptocoins are volatile, it goes up and down all the time. They act like it’s falling apart. The market is still much higher than it was 4 months ago. If you ever thought about cryptocurrency as an investment, then you’re on your way to greatness. I urge you to listen to what I have to say. Because if you make the right pick you could find your self jumping for joy on top of an enormous pile of cash. Ready or not , a growing number of economies, banks, billionaires are backing this new forms of tender. And once you understand how easy it is to make profit from cryptocurrencies it’s easy to see why the cryptocurrency market is preparing to take off. Anything you’ve seen up to this point is going to be shadowed by the amount of money that is about to come pouring . And for investors who get in before the end of the year , they are going to make it big and earn an unbelievable amount of profit as far as you make the right pick of coin to invest or apply a currency prediction software to help know and select the right coins with value and potential to rise in no time to invest in as digital currencies are going to be once-in a life time opportunity. The only caveat is that you must act quickly and smart then invest with a good and trusted platform to help make the right pick or choice of coins with value and potentials to invest in. Investors who wait idly on the sidelines until the media tells them to ‘buy now’ are going to lose out on millions and potentially billions of dollars . And if you wait for the media to tell you when cryptocurrencies are safe you’ll be losing out a great deal. I am not talking about buying bitcoin alone. I am not here to double or triple my money when I can potentially create 10times, 100times or even 1000times my money investing in ethereum and other new coins which have potentials. In just few months I’ve made nothing less than $100,000 investing in ethereum and other coins . My rules for buying cryptocurrencies if I want to keep my 98% win rate are thus; The asset must have intrinsic value, The asset must be new, but not too new. The digital currency boom that’s happening right now is a once-in-a-life time opportunity. You may never have the chance to make this kind of money this easily, ever again. There are lots of tiny digital currencies that can generate higher gains more than bitcoin and the rest which people can invest in and cash out big. For a successful crypto investments to make the right picks of coins to invest to earn better profits feel free to get in touch. (alvanabarranee@gmaildotcom).