Many of the crypto assets including Bitcoin have taken a big somersault in the month of March 2020. The market situation at the present time is full of anxiety and this is the right time for investors who don’t think in an emotional way. A few weeks ago Bitcoin came down from 10,000 Euro to around 5,000 Euro. And this is a very good chance to stock up on this asset. People are expecting to see bitcoin rise up again to at least 10,000 Euro and more than that which will help the investors gain more returns and this is not possible anywhere else.
The sell-off of crypto assets was driven by the short term traders as per the latest information. The information provided by coin metrics displays that off late price movements were mostly determined by the holders who were new and the ones who opted for the short term. There has been no effect on the long term holders. For most of the crypto assets, the market cap fell down, whereas for stable coins the market cap has increased. Bitcoin has entered into an appealing zone with an MVRV up to one. Bitcoin has returned back after its price was low up to $4,000 per bitcoin. This is the report of the last month.
Fluctuation in the Market –
And in the last 2 weeks,bitcoin has raised up to $7,000. The price of the bitcoin which was for years was trading flat has now gone up and is raised. The reason for this is the financial devastation which has been caused in recent months. Now bitcoin is approaching very fast in the market along with other cryptocurrencies also. Though, people are not sure for the same happening in the financial market. As per the latest reports, bitcoin will outsmart every other market in the coming next few months. Making investors and traders choose bitcoin over all the other assets like gold, US dollar, etc.
Gold Rush Year 2017 –
Many people are very sure that bitcoin will rise again just like it did in the year 2017. It was like a bitcoin gold rush in which the prices of the bitcoin reached a certain peak level from $1,000 per bitcoin up to $20,000 in 12 months time frame. The current flow in bitcoin interest has been off late put down by the United States Federal Reserve to impel an astounding $6 trillion of liquidity in the financial market in a try to bring up the system in the face of lockdown everywhere.
Bitcoin Returning Back –
Then there are many others who are of the opinion as per the market study that over the short term bitcoin could get as low as $3,000. Can the bitcoin price of $3,000 be retested? The answer to this question is that absolutely it can be done and this is as per the statement made by the chief executive of Bitmex for the traders and investors. Later this year, there are chances that bitcoin can return back to its high price. People have seen a positive change in the return of the bitcoin this year and they expect that it will soon get back to its normal state of being high just like a gold rush.
Should You Buy Bitcoin –
So, whether it’s a good time to buy bitcoin is a question which is hanging somewhere between the low and high line. In the month of March, the price of bitcoin was low; then again a steep rise was seen in the bitcoins compared to other cryptocurrencies. So, it can be safely concluded that there can be a positive sign and bitcoin can rise again later this year or by the end of this year. Also, there is no need to be so tensed about buying bitcoin. It will not be a waste as the world is getting back to its normal state after the global economic devastation. So, we can at least hope that bitcoin will show some change.
Bitcoin Splitting –
Bitcoin is set to look forward for its coin reward to the so-called investors fall from 12.5 bitcoin per block to 6.25 in the month of May. Many people are also not aware that there have been 2 bitcoin splitting after the bitcoin was first introduced in 2009. One was in the year 2012 and another was in the year 2016. Bitcoin splittings are scheduled to carry on every once in a while every 4 years till the time a high supply of more than 20 million bitcoins has been created by the network.
Final Words –
As per the latest reports, people look more than ever interested in buying bitcoin even after the setback. And this is good news because the more the people will buy bitcoins, the more there are chances for the bitcoin price to rise. Bitcoin has also received the official status of cash in France.