One can never make any definite judgment on the exact value of Bitcoin, however, when we compare its value to some other valuable assets of the digital market, we can say that it is really a hot topic to discuss.
For example, when we have a look at the value of Bitcoin in the past week, it managed to trade 179% as compared to its average price. However, at the same time, this means that it went quite high in the marketplace of a digitized currency ultimately giving the best gains in the past many sessions.
But, when we are talking about Bitcoin, things don’t take much time to turn sour. On Monday, 11 Jan 2021, it fell 20% down and till the evening, it saw an addition downfall of 4% the city of New York. There is one strategist, named Michael Hartnett, according to whom Bitcoin rally is one of the things to estimate its value over the time due to which we could not get the exact value of Bitcoin and it always remains speculative.
When we look at the past trends in the Bitcoin market, we can say that one can never prophesize the value of Bitcoin that too for the next day. The 300% rally that took place the previous year is the cause of the worry of many individuals. But, at the same time, one thing worth noting here is that after 8 long years, 2021 is the year when Bitcoin saw its best start. It saw a hike of 60% in the past eight which is obviously a great start. One investment firm also said that the value of Bitcoin would be equal to $400,000.
How much did the digit asset slide?
Almost all the investors in the market try to keep their eye on the trends so that they can benefit in the digital market. They have an eye for falling trends along with the rising trends. However, the trends of last week gave way to speculations on the part of investors and ignited their concerns. So, if we talk about how much it slid off in recent days, then you must note that it slid down 26%. This is one of the biggest drops in two days.
Many say that the entry of institutional investors in the Bitcoin market has resulted in the maturity of Bitcoins over the years.
Chris Zaccarelli, who is the chief investment officer at Independent Advisor Alliance stresses the positive side of investing in Bitcoin. On this, he makes a statement that Bitcoin is in the early stages of its move,” he said. “Whether we are already in a bubble or whether we are in the process of forming one will only be known in hindsight, but we think it will be similar to previous bubbles we have seen in the past.” This makes it clear that although are high chances of BTC value fluctuation, this should not stop the investors from investing in it.
Reference News – Bitcoin’s Slide Dents Price Momentum That Dwarfed Everything