Reasons why Bitcoin and other Altcoins will bounce back before the end of 2018

Bitcoin being the first of any kind of cryptocurrency is the determinant of the price of other altcoins. Since the price of bitcoin affects prices of alternative coins like TRX, ETH, XEM, XRP, litecoin and so on, crypto villains have been targeting bitcoin in order to bring down the whole crypto market.
Bitcoin, other altcoins, altcoin, bounce back, 2018
While those that are against cryptocurrency have been using fake news and false market analysis to predict the death of cryptocurrencies, harsh government policies have also contributed to the long dip. Due to the ban on Cryptocurrency and ICO-related advertisements on Google search engine, Facebook, and Twitter, Bitcoin continues to experience massive dump since March 24th.

Nevertheless, the chances that bitcoin and other altcoins will bounce back are quite good and agreeable based on historical performance and general capital markets trends.

From the graphics above, bitcoin experienced correction between 30th of November 2013 to 14th of January 2015 which lasted for 411 days with an 87% decline in price. In other words, the current bitcoin correction is nothing compared to that of 2013 - 2015. After the 411 days correction bitcoin surges to $19,666 towards the end of 2017, based on this data we can conclude that the current decline in the price of bitcoin is a normal thing and which is good for the market. Chances are, bitcoin may surge higher than $20,000 before the end of 2018 based on the historical data above.

Secondly, those who don't buy the idea of cryptocurrency think people buy bitcoin for profit speculation purposes only and perhaps that would continue to hinder the price of bitcoin and other cryptos. While it is true that Bitcoin is bought by a number people for trading purposes only, this is not the case for the majority of altcoins. It is true that altcoins are also purchased for trading purposes, but they are also used for transactional and application-based purposes. ( Sanjith Rao)

It is certain that many Altcoins have been created with the intention of speculating and will disappear after the completion of their ICO. Bitcoin, Ripple, Tron, Ethereum, ADA, XLM, NEO and other pioneers will remain on the market for many years to come.

Another reasonable factor here is that; bitcoin is like an international transaction barrier breaker especially in the developing and underdeveloped nations where certain international transactions are limited/restricted. Noting that, populations in the developing countries constitute a larger proportion of the global population i.e, the demand for bitcoin will continue to increase for international transactional purposes at least.

As a speculative instrument, bitcoin is like a form of gold that is easier to acquire and transact. It’s a hedge against fiat currency inflation.
Reasons why Bitcoin and other Altcoins will bounce back before the end of 2018 Reasons why Bitcoin and other Altcoins will bounce back before the end of 2018 Reviewed by sidex Jay on April 02, 2018 Rating: 5

1 comment:

  1. I don't really trust bitcoin anymore, but you have a good point there. Keep up the good work!

    ReplyDelete

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