- Bitcoin recorded a decline of 71.4% in 2018 and hit the low at $ 3.222 in December 2018.
- Digital currency investors argue that the 2018 peak price was inorganic and the decline was a healthy correction.
- Analysts and traders see the EFT application and other international developments to influence price movement in the short run.
The popular cryptocurrency, Bitcoin recorded a decline of 71.4% year on year between 1 January 2018 and the same time in 2019.
Bitcoin, which recorded its highest value ever on 17 December 2017, at $ 19,783.06, registered a volatile market in 2018, burning the hands of some traders, especially in Africa, according to the Business Insider controls of the company. ;Sub-Saharan Africa.
About three weeks ago, the digital currency was traded at the lowest level in a year at $ 3,222.67. With this volatility in the market, African traders and analysts believe that the currency could see a further decline in this new year.
Digital currency opens trading on the first business day of Wednesday, January 2, 2018, above $ 3,800.
A Bitcoin logo is seen on a cryptocurrency cashpoint in Santa Monica
In 2019, analysts and traders expect the digital currency to fall further due to various market activities. Many of them believed this was the best time for newbies to enter the market due to low price levels.
Business Insider SSA spoke with some analysts and traders of digital currencies at the first meeting of Luno in Lagos in December 2018.
Bear market to continue in 2019
Olaleye Awe, crypto-investor and trader, said that the fall in the price of Bitcoin is a normal thing in every market and a good time to buy. There is always a time to buy and sell. It is time to expect a big drop or a great success. It's just a normal market cycle.
"To be honest, we will be in the bear market in 2019, I doubt that there will be a historical high in 2019".
In general, the bear market requires more time and its reaction to the price market. "You can buy small now and buy at a gradual market price, considering the price level."
Awe said that the 2018 peak in prices is inorganic and 2019 will see the growth of the currency organically. He advised newcomers to look at the market before moving out.
He said that the EFT application previously moved to February and the Bate – physically supported bitcoin function could kick off a new bull run in the year.
Opportunities for new institutions to play in the digital market
Majesty Ibianga, a Cryptocurrency analyst, said this drop is a buying opportunity for newcomers and sees a future spike in price due to EFT and other international developments.
"The decline is healthy to correct the market and opportunities for new entrants and institutions to enter now, while retail investors must deliver and retain the digital currency."
Ibianga said that 2019 and 2020 will be better for the cryptocurrency market than in 2018, as the digital currency will receive more global attention.
Healthy corrections in the cryptocurrency market
For Lucky UwakweCo-founder of Cheetah Africa and COO, Blockchain Solutions, the fall in the price of Bitcoin over the course of the year is a way to make room for healthy corrections on the market.
Uwakwe said the correction confirms that Bitcoin and other digital currencies are actually real assets like everyone else.
In 2019, he claimed to expect to see cryptocurrency on much more positive trends.
Owenize Odia, Country Manager, Luno Nigeria
During the event, Luno, a cryptocurrency platform in Africa, brought together industry experts, merchants and buyers in all cryptocurrency markets to address issues such as regulatory and IT security.
Owenize HatesLuno Nigeria's Country Manager noted that the goal of the meetup was to deepen cryptocurrency education to enable users to make informed decisions and protect them from criminals on the Internet.
[ad_2]Source link
