The cryptocurrency market has stalled at $380 billion after being highly volatile and major cryptocurrencies including Bitcoin, Ethereum, Ripple as well as Bitcoin Cash continued to move. According to some experts and analysts, Bitcoin is ready to move after its dip to $8.320 – after which Ethereum followed, falling to $637 which is significantly below its all-time high of $1,400.
The daily trading volume of Bitcoin also remained low for the past couple of days. A lot of that was because of Tether, a cryptocurrency that is backed to the US dollar and which has been used to hedge the value of cryptocurrencies to the US dollar.
Currently, the daily trading volume of Tether is around $2.3 billion which is four times higher than the one of Litecoin and $800 million higher than the one of Ethereum. According to Crypto Rand, a respected cryptocurrency investor and analyst, the ‘Misery Index’ of Bitcoin is finally signaling investors to buy more of the cryptocurrency. Over the past few years, every dramatic surge of the leading cryptocurrency has led to even more gains.
One proof for this is December 2016, when the price of Bitcoin dipped below $800 and the volumes of selling intensified. However, throughout 2017, Bitcoin rallied to $4,000 and $19,000 at the end of the year.
#Bitcoin “Misery Index” signaling a great buy opportunity here. pic.twitter.com/vwLr88kPSq
— Crypto Rand (@crypto_rand) March 11, 2018
We all know that the Mt. Gox sell-off is what caused crisis on the crypto market over the past week. And while no one knows if it will continue, Bitcoin has ‘massive growth opportunities’ according to many experts.
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