Crypto 2019: The Lower It Falls, The Higher It SurgesHas the crypto market indeed reached the bottom? Many market participants have decided to take an optimistic approach and BTC’s decline to $3500 was an important support point for the cryptocurrency
The crypto market has surged, signaling that the cryptocurrencies may have already touched the bottom. Over the past 24 hours, Bitcoin has increased by 4% and is currently trading near $4300. The total capitalization of the crypto market has climbed by $11 billion.
However, the real question is: Has the crypto market indeed reached the bottom? Many market participants have decided to take an optimistic approach and BTC’s decline to $3500 was an important support point for the cryptocurrency, at which the market was buying back BTC. Within this context, it should be noted that speculators may soon begin to profit from this trend, which may trigger a new wave of sales.
Meanwhile, technical analysis suggests that the next fall may be around the area of $2750, which will mark an 85% drop in value from the asset’s all-time high around $19500.
The NASDAQ statement in regards to the launch of Bitcoin (BTC) futures in the first quarter of 2019, in partnership with VanEck, despite the market’s plunge, has significantly pushed the market towards the road to recovery. After all, the volatility in the cryptocurrency market has always been in place and that is the reason it creates so many opportunities to gain profit by capitalizing on the price fluctuations. That’s why Wall Street follows the previously outlined plan.
In late January, Bakkt will also launch BTC futures with a physical settlement. VanEck still waits for the SEC’s approval in regards to the launch of Bitcoin ETFs. Many companies are also ready to launch custodial services for institutional investors. Thus, taking into consideration the latest news, Bitcoin may get a real boost by January 2019. Nevertheless, there is an important point to consider: the lower the price of the digital assets, the higher the demand the crypto market may attract.
This article was written by FxPro