Date: 7 months ago   Category: Economy

The fundamental principles of bitcoin did not change, despite falling of the price - the expert


Bitcoin not the dead, despite mass falling of the cryptocurrency market, Anthony Pompliano considers. The partner of Morgan Creek Digital considers that the main attention should be paid to the fundamental principles which did not change, but not the price.

Discussing a condition of the cryptocurrency market on CNN, on Friday, November 23, Pompliano said that the current price of bitcoin significantly does not change the historical forecast. Since Wednesday, November 14, the most popular cryptocurrency and, as a matter of fact, the market in general endures considerable falling of the prices.

according to Pompliano, the current situation hardly is something big, than a usual bear cycle for bitcoin which already several times happened in the past. However the co-founder of the Multicoin Capital company noted that the current trend can demonstrate that the main cryptocurrency can fall up to $3500 or even $3000.

On Sunday the cryptocurrency analyst of eToro, MATI Greenspan, supported Pompliano's opinion, having told that the following critical levels of support for bitcoin - $3500 and $3000.

In terms of cost, Pompliano also emphasized importance of bitcoin taking into account the volume of transactions which begins to catch up with MasterCard. According to Coinmarketcap, the volume of the operations BTC in 24 hours is nearly $6 billion with market capitalization in $66 billion

Perhaps, even more powerful is the fact that a considerable part of these figures comes from retail trade with the minimum institutional presence. Pompliano identifies this trend, having noted that it is one more certificate that after inflow of institutional investors the fundamental forecast of the fact that one more massive rise in prices will begin is quite probable.

For Pompliano valuable suggestion of BTC also includes its ability to act as hedging against traditional assets.

Though positive moods remain among many commentators in the area, the market continues falling. On Sunday November 25 the price of bitcoin fell up to $3450 to reach the lowest price of September, 2017.

bitcoin decreased Now more than by 80% of time of the highest maximum of December, 2017. There is a question, the bitcoin price before restoration how low can fall.

the General cryptocurrency capitalization makes $128 billion at this time, having decreased by 85% since the beginning of year.

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