Hi everyone, this is the first post about Bitcoin and coins on steemit.
The price of Bitcoin decreased from $17,000 to $11,500. Analysts have attributed this huge setback to an extraordinary increase in bitcoin price. Bitcoin was $8,000 these days last month. It's trading from $14800 today. On a monthly basis, there is an increase of 60 percent. This is still good for investment
Reasons to think optimistic
With the support of strong network impact and leading financial institutions, Bitcoin is still the most appropriate position to enter the traditional financial market. In addition to the world's largest futures exchanges in Bitcoin, such as Chicago Board Options Exchange (CBOE) and CME Group, Goldman Sachs is preparing to open a Bitcoin and diijital currency trading table.
"We are investigating how we can serve the best in order to respond to customers ' interest in digital currencies," said Michael duvally from Sachs.
Crypto currency analysts, including Crypto Rand in the short term, recommended investors to be wary of Bitcoin's price trend due to lack of volume. As of now, Crypto Rand stressed that investors do not buy from the bottom.
The Shapeshift CEO Erik Voorhes then touched on another point of decline. In Bitcoin, Voorhes said trading fees are starting to result in more cost than money transfers through the bank:
"Dear Investors , when are you going to realize how troubled these transaction fees are? Average wages are more than $40 per transaction. It was $4 a year ago. A year before $0.4. Faster than the price, growing exponentially. To carry 15 BTC in one transaction, we spent $4800. " Erik Voorhes
Several analysts have expressed that bitcoin's dominance among crypto currencies could lose lower wages and other digital currencies with better scalability because of the rapid increase in transaction fees.
The effect of FUD
Fear, Uncertainty and Doubt. Some analysts think that one of the main reasons for the price drop is FUD.
"The entire crypto market is now very clear," the senior market analyst at Etoro's social trading platform, Mati Greenspan, has progressed rapidly. However, the FUD has recently grasped the market, "he said.
We are shifting from a Bitcoin-centric market to a smallcoin-centric marketplace.
The transition from a Bitcoin-centric market to a smallcoin-centric marketplace. It won't be short, and it's not an accident. In addition, the panic sales during the fall of Bitcoin have an impact on the price. But these declines are normal, abnormal is all things rise. It's not possible, and it's not going to rise all the time.
This is a money transfer game, as you all know. Money has been in bitcoin cash recently from bitcoin. When we look at the history of Bitcoin Cash, we see the unexpected rise and fall. There's obviously a lot of great trading here. This money is going to come back, of course, but it could be bitcoin, and it could be smallcoins.
After Bitcoin is so low, the price will surely come back to $20,000. This fall was a breath of the markets. If it'd stayed around $20,000, there wouldn't be any major changes. This fall will make it easier for people to get Bitcoin.
After that, Bitcoin will increase, but smallcoins will grow more and come to an incredible level, I can tell you that.
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