Towards the end of 2017 Bitcoin and other cryptocurrencies suffered major setback with the currencies dropping continuously until February 2018. All the drop was attributed to regulation talk which was all over the media with some of the countries threatening to completely ban Bitcoin. The drop has however stopped but Bitcoin has not yet recovered to its all-time high which it hit in December 2017. Bitcoin may not regain its full potential until the panic among investors is gone. According to Mikhail Mashchenko, who is an analyst at eToro: “Growth will be hard until the current panic ends and that may take several weeks or even months.”
Mashchenko went on to state that: “Those who wish to invest in cryptocurrency this is the right time instead to waiting for the exchange rate to go up to maximum highs.” Last week there was a massive sell off which was triggered by a panic on the US stock markets. There was also a panic in the market during the regulation hearing by the US Senate.
Analitica’s analyst Nikolay Kotov told Cryptona that the current prices were giving investors a good opportunity to buy Bitcoin. He insisted that this year’s sell off is not the first time and that there have been similar hard periods in the crypto-markets before.
“This history of stock markets keeps repeating itself. It’s very hard and even unfair to make conclusions because of a bearish candle in BTC/USD pair. I am personally buying Bitcoin and Ethereum and will take long-term positions with targets of 33% higher than the previous local highs.”Kotov sated.
Today cryptocurrencies were recovering very well with Bitcoin doing up by 10% to trade at $8,700. On the other hand Ethereum went up by 8.5% to trade at $870 with Ripple moved up to $1.10 after a 13% surge. Generally all cryptos are currently trading positively. This may continue if people finally regain the confidence they had in these currencies. More to that if these cryptocurrencies manage to attract institutional investors they may become mainstream. This will however require the currencies to reduce the volatility nature and become more stable.