People can argue whether Bitcoin (BTC) has the power and projectability to slowly trend up or if it will stay down, or at least hovering around its current price, for the long term. Whatever the majority’s point of view is, there is no argument that the world’s most prominent cryptocurrency has certainly seen better days.
After surpassing $19,000 last December in a record-breaking surge that most investors are still remembering with joy (or sadness, depending on each case,) the digital asset was trading, at the time of the present writing, at precisely $6,337.90, which would represent a fall of 2.26 percent in the last 24 hours.
For the 10th straight day, the prices of Bitcoin were moving sideways with no clear upward or downward trend to speak of. The average value was once again $6,400, a number that is much more meaningful than the average investors realize.
Why? Because if the coin does not see its value grow significantly in the next 24 hours, it risks failure to surpass $6,400, which would represent the first time in the history of Bitcoin (founded back in 2008; it will turn 10 this week) that the cryptocurrency reports a yearly loss.
Concerns Grow As Market Remains Volatile
Bitcoin has not cleared the $6,500 threshold since last October 19th and, sadly, the numbers are not on the rise: volatility still dominates the crypto market and, barring a surprise surge, the digital token will be 10 tomorrow under the sour news.
BTC was trading at more than $6,400 on last year’s October 31st, so the annual performance would be negative for the first time – as shocking as it may sound following 2017’s end of the year price spike that carried over the first days of January – if its value does not pick up as soon as possible.
If the price of Bitcoin somehow find its way up in the next day and avoids the first annual value dropoff, it will have a tougher time doing the same in November, a time in which, last year, the most influential token was trading at more than $8,000, after rumors about the launch of the first BTC futures would attract investors worldwide. As a matter of fact, two Chicago exchanges launched future contracts, but institutional funds are, as of now, waiting.
What Does the Future Hold?
Last year events showed the world that Bitcoin prices have the potential to trend up in a hurry in the event of any related news or developments within the industry. However, months have passed and the cryptocurrency has gone from being valued at nearly $20,000 in January to barely scratching $6,400 these days.
Numerous experts think that BTC has charted a “base” value of something near $6,000, with a high of $7,400 in September. What will the future hold for Bitcoin, investors, and the industry?
Right now, Bitcoin comfortably remains the leader in market capitalization, with $109,955,101,668 and a trading volume of $4,201,180,207 in the last 24 hours, topping all of its competition with ease.
By Andres Chavez