Bitcoin [BTC], the first-ever cryptocurrency which led to the birth of all the other cryptocurrencies, has been facing the wrath of the bear since the past week. The cryptocurrency is continuing to touch new lows f`or the year, ever since it made a record by almost touching $20,000.
The market was ablaze when it went below the $6,000-mark. Following this, the sentiments of investors were crushed as the coin breached below the $5,000-mark this week. Currently, some investors speculate that the coin is going to plunge more in the market.
According to CoinMarketCap, at press time, Bitcoin [BTC] is trading at $4,628 with a market cap of $81 billion. The cryptocurrency has a trading volume of $7.6 billion and has plummeted 13.68% in the past 24 hours. The highest trading volume for the coin was pouring in from BitMEX and the second-highest trading volume was coming in from Liquid. The coin saw a slight dip below the $4,500-mark earlier today.
On BitMEX, the cryptocurrency is currently hovering around the $4500-mark. Moreover, the market cap has also seen a significant drop. It has plunged by almost $249 billion in comparison to its all-time high last year in the month of December.In an interview with CNBC Futures, Jeff Kilburg, the founder of KKM Financial, opined that the cryptocurrency’s price is currently in the discovery mode. He said:
“We have seen Bitcoin Futures get taken to the wood shed. Once we broke that $6,000, we pierced $5,000, but this is what Bitcoin is all about.”
Kilburg further spoke about the price of Bitcoin during this time last year, when the cryptocurrency had decided to take the high hill. However, currently, the coin is down by 75%. The founder predicts that the floor for the coin is here, at $4,500.
Nonetheless, Anthony Grisanti, an investor, and trader believes otherwise. He predicts that the floor for Bitcoin is at $3,680. He said:
“I think a lot of this is liquidation from traders that want to book that loss by the end of the year because they could write it off. No ETF this year, no wide spread applications that were promised would happen. So it’s no surprise that this is all of the way it has.”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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