Bitcoin (BTC/USD) is sitting at $37,659.30, which is nearing some of the lowest prices the digital currency has seen since January of this year.
Bitcoin has had a turbulent year so far, with massive spikes and plummets, seeing more of the latter in recent weeks. Bitcoin has been on a steady decline since May 8th, with many analysts predicting it will continue to drop over the coming weeks.
Last week, Bitcoin experienced a major sell off that damaged the currency in the public eye and allowed the upstart Dogecoin to rise through the ranks of digital currencies farther than anyone could have expected at the beginning of the year.
Bitcoin still holds a market majority among digital assets, but it has a lot more serious competition this year than it did last year. A few other digital currencies are considered safer buys at the moment with a better chance of return on investment, thanks to Bitcoin’s continuing downtrend. Most notably, Ethereum, Dogecoin, and XRP have all managed to do very well in the last few months and have proven to be sound investments in a very volatile market.
Bitcoin’s total value was sitting at $1 trillion in the spring, but it’s now down to around $630 billion. It would take a major shift to see it gain that ground back.
A Volatile Market
The good news is that the market volatility surrounding Bitcoin seems to be slowing down. It experienced a daily spread of around 21% over the last week, and despite an unusually volatile market as of late for the cryptocurrency, things do seem to be tapering off.
This could mean that Bitcoin is settling down and may not see a sizable increase for some time. Bitcoin appears oversold, according to Katie Stockton, a market technician for Fairlead Strategies. The current correction Bitcoin has experienced is expected to go away soon, and bullish buyers may be rewarded by Bitcoin in the long run.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
I’m sure it will fall even till 20000$ if not even more. So it’s a great time to get more altcoins that are more accessible now and then all of them will follow the Bitcoin rise. I prefer investing in Bitcoin and while I have free time to wait – mine Crypton as it doesn’t require any additional investments.