Home / Cryptocurrency / News on prices of the latest bitcoins: Cryptocurrency could rebound before the end of the year, experts say | City and business | Finance

News on prices of the latest bitcoins: Cryptocurrency could rebound before the end of the year, experts say | City and business | Finance

During the Black Friday weekend, BTC and rival cryptocurrencies have plummeted to new lows. The crisis has brought the market to its lowest point since last September. But by the end of 2017 BTC has grown in value and some experts are wondering if the same could happen again.

Samuel Leach, a cryptocurrency expert, suggested that the "market fragmentation" was the cause of the price collapse, referring to a so-called "fork" at the beginning of November.

However, the founder of Yield Coin gave bullish forecasts for the digital asset, saying it was "just a matter of time" before a major upside breakout.

He told Express.co.uk: "The bitcoin slowdown we have seen in the last 48 hours is probably due to the fragmentation of the market, with Bitcoin Cash, the fourth largest currency in terms of market capitalization, which is experiencing a hard fork at the start of this month.

"Although the split did not have a direct impact on the predecessor of Bitcoin Cash, it is not surprising that secondary fragmentation has had an impact on the wider community of cryptocurrencies."

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He added: "Cyclical price changes are inherent in all cryptocurrencies, and it is only a matter of time before Bitcoin eventually hits a bull run again.

"Although there was some panic in the industry, this was largely related to smaller alt coins for which the outlook is slightly less certain.

"While the prices of the major cryptocurrencies, including Bitcoin and Ethereum, continue in a downward trend, more and more buyers are lining up to buy quality tokens at cheaper prices.

"With Bitcoin at $ 3,000 (£ 2,342), potential returns are significant, so there's no doubt that prices will start to rise rapidly soon."

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The famous trader and technical analyst Peter Brandt also gave what could be interpreted as a bullish forecast.

He said: "BTC is entering its life cycle phase when stale and weak money capitulates and strong hands accumulate strategically".

The "hash rate" of Bitcoin was partly attributed to the collapse in prices.

The so-called hash rate is essentially the speed with which a bitcoin "miner" solves complex mathematical problems to add a transaction to the underlying block network.

READ MORE: Bitcoin price crash: "BTC's fortunes will change!"

Charles Hayter, managing director of the CryptoCompare digital currency comparison site, told CNBC: "Bitcoin has been related to its hash rate, and with it it is now falling, as well as the price.

"The idea is that the hash rate gives an idea of ​​what underlying opex (operating expenses) and capital costs people are willing to use to generate bitcoins and give them a reference price."

Meanwhile, Sunday, the economist Dr. Saifedean Ammous tweeted: "Bitcoin's security depends on a price increase that attracts more hash rates, attracting the most advanced technology from the electricity producers, making it very costly to attack.

"A prolonged decline in difficulty with the advance of technology means that bitcoin becomes less expensive to attack and less secure".

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