New Lowest Record for Bitcoin, Price Dropped Below $6,000! What Will Happen With Cryptos In 2019?

112

Bitcoin price plummeted more than 10% Wednesday so the cryptocurrency hit new low for the year.

Keep on reading Nexter.org to know more.

bitcoin-price-pics

Source: Getty Images

Flies high, falls deep

Bitcoin, once world’s most popular cryptocurrency, now at the bottom as its price plummeted more than 10% on Wednesday, hitting its lowest level in more than a year.

It’s now trading below $6,000, far from the heights it reached during its meteoric rise at the end of 2017. The world’s largest cryptocurrency touched a low of $5,322 a coin, its weakest since October 2017, as widespread selling wreaked havoc on the crypto space ahead of the coming fork in the rival bitcoin cash.

bitcoin-price-pics

After nearly touching $20,000 in December 2017, bitcoin’s value nosedived in volatile trading over the months that followed. But it has enjoyed a period of relative stability since early September, hovering between $6,000 and $7,000.

Following the Bitcoin, other cryptocurrencies fared even worse on Wednesday. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com.

Bitcoin’s plunge on Wednesday was driven in part by expectations that another major cryptocurrency, bitcoin cash, will split into two on Thursday, according to Marshall Hayner, founder of Metal Pay, a cryptocurrency payments service.

What will happen with cryptos in 2019

bitcoin-price-pics2

There are several forecasts about the future of cryptocurrency and especially Bitcoin, as it sets prices for other cryptos.

Ian McLead, a blockchain technology expert predicts the overall cryptocurrency market to “explode” in 2019.

Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, predicts that bitcoin will break out of its 2018 doldrums and might soar to $20,000 in 2019, fueled by a spike in institutional investments.

There are many reasons why the price might increase in the upcoming year. Many financial institutions are entering the market such as the Intercontinental Exchange (ICE), who will launch their platform “Bakkt” that might go live during December 2018 or January 2019.

However, tacking into account the recent price changes and the decrease in hype around Bitcoin, Nexter.org predicts that in 2019 there won’t be significant price ricing. More likely, the prices will stay the same and sometimes will be falling to even lower marks.

But still, there are just a forecasts so only you should decide invest or not into cryptocurrencies.


MORE HOT NEWS

Summary
Crypto Winter Has Come: Bitcoin Hits the Lowest Mark this Years Trending Below $6,000 - Here's What to Expect in 2019 (Predictions)
Article Name
Crypto Winter Has Come: Bitcoin Hits the Lowest Mark this Years Trending Below $6,000 - Here's What to Expect in 2019 (Predictions)
Description
Bitcoin price plummeted more than 7% Wednesday so the cryptocurrency hit new low for the year.
Nexter.org
Nexter.org
Nexter.org
/wp-content/uploads/2018/04/logo_nexterbg.jpg
  Subscribe  
Notify of

More News from Nexter