The first six months of 2018 proved anything but fruitful for the price of Bitcoin. Yet, despite the crypto asset dropping to new lows, fans of the currency are keeping optimistic.
Bitcoin Climbs Back Above $6,000
At the end of June, it was reported that the number one cryptocurrency had fallen below $6,000. The report came at a time when it had already dropped to under $6,000 a week previously.
With the most recent price drop in Bitcoin’s value, a crypto trader has projected a further drop in the next two weeks. According to Ran Neu-Ner, host of CNBC Africa’s Crypto Trader, he expects “there’s more blood to come.” Speaking at the end of last month, Neu-Ner claimed that the market could “test $5,350” as the new low.
Since then, the market has seen a rise in prices. Bitcoin is currently trading at $6,598, according to CoinMarketCap, representing a 3.57 percent rise in 24 hours. Ethereum is also up by over 4.50 percent at $472. XRP has seen a rise of just under 8.50 percent at $0.497103, and Bitcoin Cash is trading at $783, a 6.72 percent incline in the past 24 hours. Across the board, market prices are in the green.
One of the factors that could be impacting industry values is the launch of Coinbase Custody. Yesterday, it was reported that the San Francisco-based crypto exchange was turning its attention to institutional investors. As a result, it may be attracting big investors to the market.
Another indicator of positive tidings toward the market could be due to Japanese financial giant SBI Holdings adding cryptocurrencies such as Bitcoin to its crypto exchange. This launched last month following a months-long delay.
‘More Pain to Come’
Yet, despite market prices seeing an uptick in value, some crypto investors expect the market to reverse again, reports CBS News.
Tone Vays is one Bitcoin investor who believes in the cryptocurrency. But he is of the opinion that there will be “more pain to come.” The report states that speculators thought last year’s high prices would come crashing down this year. Vays added:
It will take time for people to digest the fact that bitcoin isn’t worth as much.
There will, of course, be ups and downs with the crypto market. But with more people turning their attention to it and more money being pumped into it, many think this will push the market’s price up. According to BitMEX’s co-founder, Bitcoin will reach $50,000 by the end of 2018.
Do you think the bear market is over for now? Let us know in the comments below.
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