The cryptocurrency market is still on the decline. It is going through an endless fall since last week. As of Monday, the market for virtual currencies, including Bitcoin, has been falling in most domestic and foreign cryptocurrency exchanges. Bakkt Exchange is one of the main suspects of this fall.
Trends in the price of virtual currency overseas as of 2 p.m. Sept. 29 (Data = CoinMarketCap). Based on the global price of major virtual currencies at 9.00 AM UTC, September 30th.
Bitcoin (BTC) price is $7,908.41, Etherium (ETH) $168.71, XRP $0.241729, Tether (USDT) $1.01, Bitcoin Cash (BCH) $219.03, Litecoin (LTC) $54.02, Binance Coin (BNB) $15.08, EOS $2.78.
The figure shows the variation of the Δ Bitcoin -3.24% ▲Etherium -2.03% ▲XRP 0.38% ▲BCH -2.37% ▲Litecoin -1.95% ▲Binance Coin -3.85% ▲EOS -1.51% compared to the previous day.
However, expectations for the upward trend are rising continuously for cryptocurrency market.
Nicholas Pelecanos, an adviser to NEM Ventures, thinks the current sale of Bitcoin has gone too far. “Both technical and quantitative indicators have begun to show signs that BTC is overselling,” he said. “One of the main indicators I keep my eye on is network value. Generally, when the network value is higher than the market price, it’s a signal for the bulls to rush in,” he said.
Analysts such as Willy Woo and Plan also gave positive forecasts, saying they were waiting to start the middle of the bull market.
Michael Novogratz, founder of Galaxy Digital also stated that Bitcoin will stay around $8,000 for now, though at worst scenario, it can drop to $7,500. He ensured that it would not drop further.
Meanwhile, the People’s Bank of China announced that it will issue digital currency. Considering China’s population, it is predicted that there will be significant ripple effects. However, since China has been imposing related regulations such as banning the release of virtual currency, many experts say that digital currency has a different nature than virtual currency.
