There’s been a lot of doom and gloom over Bitcoin price this year, but one analyst says to ignore the naysayers.
There’s been quite a bit of negativity this year when it comes to the price of cryptocurrencies. The bullish wave of late 2017 has receded dramatically in 2018. Those who jumped into the crypto pool when Bitcoin price was near $20,000 have been burned, while long-time hodlers are still willing to wait and watch. Yet one analyst is upbeat and says that it’s time to ignore the naysayers.
Bullish on Bitcoin Price
The founder and chief executive of deVere Group, Nigel Green, is optimistic on the world’s number one cryptocurrency. He believes that the downward trend of Bitcoin price is over, saying:
Despite what the doom mongers would want you to believe, the recent selloff was only ever going to be temporary and prices were bound to rise again relatively quickly — as they are now doing.
Previous to this selloff, in recent weeks bitcoin had experienced a pretty impressive rally, peaking at around $8,300. As such, what happened over the last [two weeks] was simply a standard crypto market correction.
The last two weeks have seen a remarkable surge in Bitcoin price. The cryptocurrency was trading for $6,479 on August 13th. A full two weeks later on August 27th, it hit $6,729. Now it has punched past the $7,000 mark, hitting $7,073 (at time of writing), a full 2 percent upswing over the last 24 hours.
As is normally the case, where Bitcoin goes, other coins follow. All but one of the top 20 coins (VeChain) are trending green over the last 24 hours. Ethereum is up to $293, while XRP has hit $0.34. Litecoin is trading at $62, and Bitcoin Cash finally shows some signs of life, moving up to $555.
Overall, the total market capitalization for all cryptocurrencies is up to $230 billion. Bitcoin accounts for over half of that capitalization with almost $122 billion.
While Bitcoin and other cryptocurrencies have had their ups and downs, they have shown remarkable resilience in light of the massive FUD that’s been thrown at them. Convicted felon Jordan Belfort, the Wolf of Wall Street, is one such FUD-thrower, saying:
There’s no fundamental value [with bitcoin], it’s all based on the next guy and the next guy. Get out if you don’t want to lose all of your money because … there’s a very good chance it’s going to crack. And when it really cracks, you’re not going to be able to sell on the way down, there will be no liquidity.
So far, the naysayers are still predicting gloom and doom. Yet many of the financial giants are slowly entering the cryptocurrency ecosystem.
Do you think the doom and gloom crowd is wrong about cryptocurrency? Let us know in the comments below.
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