All of us know that the crypto market follows the same fundamentals as the capital market namely macro fundamentals, geopolitical factors among others. Amid the bull and bear scenario, the crypto major – Bitcoin has seen ups and major downward movements.
From the aforesaid analytics, one can easily estimate that how BTC/UDS pair down from touching a major upwards moments from 8th January 2018 where it traded at $17240.4, since then it continued slashed to $5701 as on today. This may cause also other cryptocurrencies to decline as Bitcoin leads the entire crypto market.
When we analyze the price moments since 4th September when it was seen as a bit high range of $7452.7 and then attained the downwards moments till it reached $5701 as on today. However, the analyst community recommended “sell” when the price moment below 5697.3 which is below the range as seen from the aforesaid analytics. However, it is recommended to “buy” the bitcoin when it was above the range of $5697.3.
Based on the analytics, one can definitely opine to invest into this cryptocurrency when it was having the upwards moments on 7th January 2018 when it traded at $17240. Needless to say that the investment in the Bitcoin at that time would have gained you more than 200% approximately if you sell them today!
If one can analyze the entire scenario, the range of price in between 4th March 2018 to 5th May 2018 in a little bit upwards moments and then slashed.
The Market cap of Bitcoin stands at $97,577,706,106 as per the valid source of CoinMarketCap as on 16th November 2018 (11:01 IST).
While the price of the bitcoin is somewhat sticky, one can hold the wait and watch approach for this crypto major. The trend analysis, of course, plays an important role when it comes to parking your long-term capital in this virtual currency.