Today it’s unlikely to hear any high-profile news that could seriously shake the market. For example, such as the ban on the circulation of cryptocurrency in any country, like China and South Korea did. After these statements last year, Bitcoin's growth stopped abruptly, despite a powerful upward impulse, which ultimately led to a price tag of $ 20,000. Yet such statements only restrained the growth factor.
Nevertheless, Bitcoin is the first cryptocurrency in the world and in fact its entire structure is somewhat outdated. Transfers between currency holders have become more voluminous and longer. Though many investors consider Bitcoin as a reference. Ethereum, Litecoin, Ripple and other currencies become more interesting for the players of this market.
Take, for example, Ethereum. Firstly, it has a more perfect structure. Secondly, it is much easier to extract it and it has not depleted the potential of its growth.
Considering the same price for Bitcoin, we see that it has settled and feels comfortable in the $ 10-11k corridor.
Therefore, with each approaching of the prices to these levels, we see a decline in trading volumes. In other words, traders simply earn on the fluctuation of the exchange rate and no super profits are expected by anybody.
Yes, it may remain as the "Gold Standard", and other cryptocurrencies can be measured in it, as now all currency quotes are calculated through the dollar. However, the excitement had waned and it looked like a bursting bubble. And traders, like the "surfer" on the crest of the wave, clearly caught the moment. Pumping in at one time the money supply of this asset, they "curbed the wave" and when the price reached a mark of $ 20,000, merged the assets and recorded profits.
The next "wave" is possible, but it will not be so large and the decline after it will be more significant.
A "Great depression" could happen in the crypto market.
Therefore, not only traders, but also Bitcoin holders themselves, if they did not manage to get rid of the asset at a price of $ 20,000, need to think about the future of this currency.
Given the above factors and our approximate "corridor", we will wait for a new recession to the level of $ 10,000 and, possibly, even lower. At the moment, there is a good opportunity to borrow short positions. And, if there is not a significant increase in trading volumes, the price may remain for a long time in this corridor
Nevertheless, Bitcoin is the first cryptocurrency in the world and in fact its entire structure is somewhat outdated. Transfers between currency holders have become more voluminous and longer. Though many investors consider Bitcoin as a reference. Ethereum, Litecoin, Ripple and other currencies become more interesting for the players of this market.
Take, for example, Ethereum. Firstly, it has a more perfect structure. Secondly, it is much easier to extract it and it has not depleted the potential of its growth.
Considering the same price for Bitcoin, we see that it has settled and feels comfortable in the $ 10-11k corridor.
Therefore, with each approaching of the prices to these levels, we see a decline in trading volumes. In other words, traders simply earn on the fluctuation of the exchange rate and no super profits are expected by anybody.
Yes, it may remain as the "Gold Standard", and other cryptocurrencies can be measured in it, as now all currency quotes are calculated through the dollar. However, the excitement had waned and it looked like a bursting bubble. And traders, like the "surfer" on the crest of the wave, clearly caught the moment. Pumping in at one time the money supply of this asset, they "curbed the wave" and when the price reached a mark of $ 20,000, merged the assets and recorded profits.
The next "wave" is possible, but it will not be so large and the decline after it will be more significant.
A "Great depression" could happen in the crypto market.
Therefore, not only traders, but also Bitcoin holders themselves, if they did not manage to get rid of the asset at a price of $ 20,000, need to think about the future of this currency.
Given the above factors and our approximate "corridor", we will wait for a new recession to the level of $ 10,000 and, possibly, even lower. At the moment, there is a good opportunity to borrow short positions. And, if there is not a significant increase in trading volumes, the price may remain for a long time in this corridor