The cryptocurrency market has been on a downtrend for a long time now. Short-term investors are dumping everything and trying to minimize risks. In fact, some long-term investors are also leaving the market because of its current state. However, some experts are still confident that the trend will change soon. Some well-known people have said that this is the best time to buy as the market is going to get a boost soon. At the same time, there are those who believe the bleed out isn’t over yet. For example, Genesis Trading CEO, Michael Moro, says that the price of Bitcoin and some other altcoins will fall by at least 30% before the bear market will come to an end.
Bitcoin (BTC) Price Today – BTC / USD
Michael Moro made this comment during an interview with CNBC. According to him, the short-term trend of Bitcoin doesn’t matter to institutional investors. In his words:
“Within the ten years of Bitcoin’s existence, this is the fifth time it has fallen by over 75%. So, if you’re in it for the long haul, then you’ll not care about the current price action. I don’t think institutional investors care about how low the price of Bitcoin will go by the end of the year. This is because they are considering the trend for the next five to ten years and not a few months or a year.”
Black Friday And The Cryptocurrency Market
Over the years, black Friday has been a long standing tradition for retailers and wholesalers around the globe. Yesterday marked the first ever cryptocurrency Sunday in history. This involves different retailers who want to give customers deals for cryptocurrency. Industry giants like CoinBase, Ledger, Coinmama, Cex.io, and eToro, all came together to host mainstream brands in the retail market. This allowed shoppers to hunt for amazing deals and use their cryptocurrency to pay at Expedia, Microsoft, OKCupid, Travelbybit, Rakutan, etc. The tokens that were supported during the hunt were XRP, BTC, ETH, EOS, BTC, NEO, XRM, DASH, ADA, ETC, and LTC.
This cryptocurrency Sunday deal was able to give the market a much needed boost in price. Yesterday, most top coins were trading in green with LTC taking the lead with double-digit gains. Even now, LTC is trading in green against the USD. It is currently selling at $31.58. This shows that it is up by 11.44% against the USD and up by 3.96% against BTC. The 24 hour trading volume is $549,186,364 and the market capitalization is $1,872,918,250.
Litecoin (LTC) Price Today – LTC / USD
Bitcoin, is trading in green at $4,028.68. This shows that it is up by 7.30% against the USD. Over a 24 hour period, the trading volume is $6,634,853,052 and the market capitalization has gone up to $70,076,032,248.
While the boost may be accredited to the Crypto Sunday, it’s also possible that the bear run is coming to an end and the bulls are planning to take over for another end of year rally. This might be a good time to buy if you’re looking for short-term profit. Either way, the market is unpredictable so some level of caution is advised.