Bitcoin prices had been a topic of discussion since the beginning of the year especially in the cryptocurrency ecosystem. This is mainly as a result of the fact that there has been significant bitcoin price drop and a declining pressure that surpasses the speculation of many.
There has been a significant number of new money entering the market as there has been a stable increase in the price of bitcoin and other leading cryptocurrencies, not forgetting the essential technology and several ICOs that were introduced by the end of 2017. A larger amount of the new money was from predictive investors who entered the market with the hope of making profits while prices were high for a short period. Sadly for them, the drop in bitcoin prices of close to 60% implies that they have either recovered their investments while making massive losses are still “HOLDING” with the hope that prices will increase.
Regardless of your perspective, it is quite clear that the situation is having an effect on the ecosystem. Even though matured investors are not bothered by the situation, most of the new investors are in the state of panic as to what to expect next from the cryptocurrency market.
Michael Vogel, the founder of Netcoins, expressed his recognition of the fact that 2017 was definitely a breakthrough year for bitcoin and it created an opportunity for investors to make profits. He went on to state that the recent trend in the market is not a surprise. There have been similar trends in the currency’s history. “For the most part, I don’t think this most recent correction is any different than corrections in previous years. These corrections are in fact how Bitcoin will truly establish itself as a sustainable asset class”, says Vogel.
Vogel is hopeful that we will continue to experience positive applications created with the use of Bitcoin as a support base.