A great rollercoaster of cryptocurrencies. Will the price of bitcoin rise again?

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A great rollercoaster of cryptocurrencies. Will the price of bitcoin rise again?

There has never been a situation where the capitalization of cryptocurrencies dropped from USD 2.5 trillion to USD 1.5 trillion in two weeks. - Probably none of the markets of this scale has recorded such a massive collapse - comments Daniel Kostecki, chief analyst at Conotoxia Ltd. Will the price of bitcoin rise again after such large drops?

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The BTC / USD exchange rate fell below 30,000 yesterday. USD, and only a month ago, it set new records at 64 thousand. USD when Coinbase debuted. Thus, the largest cryptocurrency lost its value as much as 53 percent. in a few weeks.

Powerful players have benefited?

The recent decline in BTC value is one of the major corrections, even taking into account the growth cycles of 2013 and 2017. However, bitcoin started to turn back very quickly and on Thursday morning it was already trading by 10,000. dollars above yesterday's low, ie at the level of over 40 thousand. USD each.


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BTC / USD chart

Not only was he losing bitcoin

Two other cryptocurrencies have changed even more than bitcoin: etherum and litecoin. The ETH / USD exchange rate dropped to its lowest level since late March, ending a decline at $ 1,900, and two weeks ago, the ETH reached a new high in the region of $ 4,400. On the other hand, the LTC / USD exchange rate dropped from its peak by 65%, i.e. from about 400 to 130 USD.

- At first glance, the scale of the declines seems shocking, but on the other hand, after the previous several hundred percent increases, it is worth looking at the charts on a logarithmic scale. There the situation is completely different, and yesterday's declines are even presented as slight corrections in big trends. The higher the market is, the more and more impressive the scale and size of the declines. The question remains whether yesterday's events will be able to reverse the whole trend? - wonders the chief analyst of Conotoxia Ltd.


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ETH / USD chart

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LTC / USD chart
 
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