The cost of BTC as of August 16 is around $ 45,600. By lunchtime, players on the Bitfinex trading platform were ready to exchange bitcoin for $ 48,000. But due to the lack of demand, the rate of the leading cryptocurrency staggered, and therefore, by the evening, BTC returned to its previous value.
Buying Bitcoin for the Long Term?
The monthly chart of BTC showed a duplication of the first wave, and there was a subsequent five-day drawdown, which was already quite long. The dubiousness of an uptrend by default gives the target audience a chance to switch to short- to medium-term trading. If in the next day it will be possible to buy bitcoin for less than $ 45,000, then the monthly chart will reflect promising resistance zones - $ 38,000-44,000. Such a rate is 30-36 percent more expensive than the one observed just a month earlier. At the same time, fatigue of the cryptocurrency market is possible, as well as a subsequent sharp drawdown. This week it is quite possible to make forecasts:
- The range of fluctuations in the exchange rate is 42,000-44,000 dollars with the possibility of a further rise in price;
- A sharp jump up to $ 48,000, due to which a new record may emerge;
- Drawdown below $ 40,000, which is typical for stagnation in 2018 with uptrends and downtrends that are changing.
The bulls have hope of the potential of institutional investors. Contrary to negative forecasts, the latter do not leave the market. At the same time, the cost of $ 45,000 is astronomically high for short- and medium-term players, which is associated with a soap bubble.
Exchange bitcoin for altcoins - only partially
The second most popular cryptocurrency has all the chances of further development, and there are many confirmations for this that are on the surface. Ethereum is already distinguished by the Proof-of-Stake protocol. Reduced power consumption and stacking are also common. ETH will finally enter Phase 2.0 next year. Selling bitcoins is possible by individual players, which will allow them to immerse themselves in altcoin trading. In addition to Ethereum, there are many other projects, while their capitalization is characterized by an accelerated pace:
Solana stands out in particular from the proposed tokens. This cryptocurrency works on the Proof-of-Stake algorithm. It simplifies the calculation of the shares of each participant. This is how his property is protected. This reduces energy consumption and a complete rejection of mining occurs. PoS also makes it possible to conclude contracts between ecosystem participants and not only.
Ethereum and similar altcoins have not replaced BTC until now. A pioneer of the cryptocurrency world, many enthusiasts and investors have gathered around him. At the same time, the service to sell bitcoin worries the target audience even in the case of the most negative scenario for BTC. At the same time, the capitalization of bitcoin is equal to more than half of the capitalization of cryptocurrencies. It is equal to 0.8 against 1.94 trillion dollars, respectively. Such strong competition keeps BTC in the first position of the cryptocurrency market by default.