Yesterday was another bad ending of last week for the major cryptocurrencies, which showed their volatility with the recent $9 billion dip over the past 24 hours. After the increase in valuation from $370 to $400 billion, Bitcoin continued to struggle.
Even though Bitcoin surpassed the $8,700 mark on May 13th, it then declined to below $8,500. Currently, the market is in a recovery and the Bitcoin price rebounded to $8,700. However, the volatility of cryptocurrencies is what dropped the market cap to below the $400 billion mark.
The market failed to sustain momentum – but regained it today. According to popular cryptocurrency analyst named Matthew Newton, major banks have already invested heavily in Bitcoin, Ethereum, and other major cryptocurrencies.
As Newton said:
“Despite some initial posturing, the reality is most big banks have already invested significant amounts in research and development into blockchain technology and cryptocurrencies themselves. It will still take time for institutional investors to fully come around – and the fact that Goldman won’t be buying or selling actual coins suggest some scepticism remains – but there’s a growing acceptance that these assets are here to stay,”
A lot of analysts believe that the Blockchain Week in New York will bring a new start to cryptocurrencies – and will help the Bitcoin price to again test the $10,000 mark and skyrocket soon.
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