Over the past five months, the valuation of the cryptocurrency market has dropped by more than 55 percent, from $829 billion to $372 billion. In January, at its peak, the valuation of the cryptocurrency market nearly reached a trillion dollars as blockchain projects still in their infancy and testnets such as Tron and EOS surpassed $17 billion.
Since then, the price of most cryptocurrencies like bitcoin, Ethereum, Bitcoin Cash, EOS, and Ripple have more than halved. Naturally, as the valuation of the cryptocurrency market fell by large margins, an increasing number of investors have started to lose interest in the market and confidence in the short-term rally of both major and emerging cryptocurrencies. But, regardless of the massive correction, big investors are still extremely optimistic and bullish.
More institutional investors, retail traders, financial institutions, banks, stock markets, and governments are involved in the cryptocurrency sector than ever and the market is nearly at a yearly low. While most individual investors and newcomers see a sell-off period in a highly volatile time frame like this, large-scale investors see an accumulation period and an opportunity.
FUTURE for Bitcoin?
In the short-term, the bitcoin price could dip below the $8,000 mark, potentially into the lower end of $7,000. It also could demonstrate a sudden increase in momentum and bounce back to the $9,000 region and eventually to $10,000.
No investor or analyst could predict where the price of bitcoin goes in the short-term with absolute certainty. But, big investors are convinced cryptocurrencies are here to stay and will compete with traditional currencies and assets such as the US dollar and gold, and that is what really matters.
Wondering What You Should do?
Consider Bitcoin Mining! The process of a Bitcoin mining software is simple. It delivers the work of your computer hardware to the Bitcoin network – and so it is necessary that you have the correct hardware required for it. Then, it receives the finished job from the multiple miners over the network.
You can mine your Bitcoins manually. But Bitcoin mining software can optimize the mining while taking the load off your shoulders. There are tens of well-known and reliable software systems for Bitcoin mining on various operating systems. I got introduced into Bitcoin mining through a crypto guru i met on a youtube comment who built a mining software bot. I was initially in doubt about the whole process but then i decided to give it a try. He explained greatly about the technique, then i became confident.... now i make about $200 daily from the bot linked to my blockchain so i can easily transfer the funds from the blockchain to where ever i might be needing it. I feel fulfilled and my btc investment isn't in vain. Add him on skype: tsunghanlin18 ....Think outside the box. Stay blessed!