The market seems to have a love/hate relationship with Bitcoin. On Monday, it’s the world’s leading cryptocurrency sure to redefine how we approach currency and economics. On Friday, however, it’s tanking yet again, and a surefire way to lose all of your money. Investors who have been keeping an eye on Bitcoin all this time can never seem to figure out whether it’s a good time or not to get behind Bitcoin and other cryptocurrencies in general. See forex trading calendar here!
So, is now a good time to buy Bitcoin? With prices of the cryptocurrency having plunged lately, now may be the ideal time to invest for those who are looking to get in the game – but some major hurdles are still in Bitcoin’s way.
Another rough hit to Bitcoin
Bitcoin and its supporters are no strangers to economic shocks at this point; the world’s leading cryptocurrency, like virtually all of them, is much more volatile than traditional investments. That volatility is part of the allure of Bitcoin to many, however, and not something to be derisively discounted right away. As a matter of fact, many of the early backers of Bitcoin made small fortunes off the cryptocurrency’s now-infamous volatility and would cite it as one of the most exciting reasons to start investing in Bitcoin.
Lately, however, the cryptocurrency has had a particularly rough run of things. After reaching an astonishing valuation that hovered just underneath $20,000, Bitcoin took a plunge and for most of 2018 has been putting in a relatively lackluster performance. The kind of malaise that the cryptocurrency is supposedly facing could make it an ideal opportunity for some investors, however; buying Bitcoin when its price is low is the wisest course of action for anyone interested in it.
December 2017 and Bitcoin’s history-making valuations seem a far way off, however, and seem to grow more distant by the day. Nowadays, most people are discussing Bitcoin behind closed doors with anxiety, wondering if it will ever rise again to reach the soaring heights it once enjoyed. Despite the doom-and-gloom prophesies, however, Bitcoin still has plenty of ardent supporters. Five bullish analyst recently gave Bitcoin a relatively decent chance of reshaping the future of money despite its current woes, for instance.
Bitcoin’s price is currently hovering at a meagre $6,200 or so at the time of press, and other major cryptocurrencies like Litecoin have similarly faced dire straits lately. For many aspiring crypto-investors using HFXToken, Bitcoin is the center of the universe, but the overall health of other tokens on the market can be indicative of macro trends that will continue for some time. Looking at the way that Ethereum, Litecoin and others have struggled alongside of Bitcoin is thus prophetic of the fact that cryptocurrencies may be past their prime.
There’s still hope for Bitcoin
To be fair to Bitcoin, critics have been predicting its untimely death since day one. Digital currencies are a mere fad, we’ve been told time and time again, with no real place in the international economy. Major financial institutions, regulatory bodies, and some of the world’s largest banks are beginning to warm up to cryptocurrencies in hitherto unthought of ways, however. The powerful blockchain technology that’s driving Bitcoin forward, for instance, continues to be interesting to many major bankers who see serious potential in the tech.
Just because some banks are investing in blockchain and warming up to cryptocurrencies doesn’t necessarily mean they’ll become mainstream currencies in the future, though. For Bitcoin to fare well, it ultimately needs to win back the confidence of the market and become more than a mere whipping boy for derision directed against cryptocurrencies as a whole. Despite the fact that many investors are staunch supporters of Bitcoin, it continues to draw negative press upon itself regularly, which may continue to dampen its overall valuation for some time. There’s also a pessimistic yet crafty strategy that some intend to follow when it comes to Bitcoin.
Many supporters of Bitcoin believe its valuation will continue to take unfair hits, for instance, and are deliberately putting off their investments until its price sinks even lower. Given that Bitcoin’s famed volatility could lead to either a sudden swelling or plummeting in its value, these investors believe that waiting until Bitcoin drops under the $6100 or even the dreaded $6000 mark is the proper course of action for long-term holdouts. For long-term bets to be worth their while, however, Bitcoin has to stick around in the long-term, and continue to accrue value. The world’s pre-eminent cryptocurrency appears to be losing some steam on the global markets, though. Pessimist should likely stray away from Bitcoin, even with its alluringly low prices right now. Only those who believe that cryptocurrencies have a serious role to play in the future of the global economy should see much hope for Bitcoin right now.
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