On the first day of the lunar new year 2018, the digital currency with the world’s largest capitalization – Bitcoin – returned to the 10,000 USD mark.
The increasing momentum of this digital currency also leads to a general green color for the entire virtual currency market.
Asia, a major market for digital currencies, is on a Lunar New Year holiday in 2018. However, the return of Bitcoin and digital currencies is causing many investors to decide to scale back the holiday.
Bitcoin returned to the $10,000 mark right during the Lunar New Year holiday.
Before the holidays, the virtual currency market recorded its worst trading weeks in recent years.
The theft of virtual currency at exchanges has taken away the confidence of many investors.
Innes predicts that Bitcoin price may fall to around 5,000-6,000 USD per coin, before recovering to 10,000-15,000 USD.
In an interview with Bloomberg in early February, Goldman Sachs’s Director of Investment Research said that the volatility that has caused global virtual currency capitalization to evaporate nearly $500 billion over the past month could be worse.
Steve Strongin asserts that most cryptocurrencies cannot survive in their current form, and investors should prepare for the possibility of these coins losing all of their value as they are replaced by future competitors.
However, there are still mixed opinions that the recent decline of Bitcoin, as well as other digital currencies, is only a short-term correction.
According to Bloomberg data, Bitcoin became one of the commodities with the best gains when the stock market plunged.
Digital currency advocates quickly expressed their views on the important characteristic of this asset class, which is that it is immune to the fluctuations of the large financial market, not under the supervision of any public company.
