Bitcoin has dropped in value, just a week ago, on April 14, the market value of Bitcoin, which broke records to over $ 63,000, dropped to almost a month’s low a week later. At the time we were preparing the news for publication, the value of Bitcoin was at the level of 48 thousand 354 dollars. Thus, Bitcoin has decreased to the level of its values two months ago. Will this downward trend continue?
Speaking to the Insider site, Delta Exchange CEO Pankaj Balani said, “BTC has fallen below the 50 [daily moving average] support that it has remained sacred during this marathon, and there seems to be more drawbacks here. said. Bitfinex’s CTO, Paolo Ardoino, told Insider that the drop in Bitcoin could be attributed to the increase in other coins, especially Ethereum.
Ethereum rose as high as 8.5% on Thursday and set a new record above $ 2,560, bringing the market capitalization of cryptocurrency closer to $ 300 billion for the first time. “ETH has outperformed BTC this month, and it looks like it will challenge [its all-time high],” Ardoino said. He also said that Bitcoin maintains its place as a safe haven asset and continues to protect against inflation.
Stephen Ehrlich, co-founder and CEO of crypto asset broker Voyager Digital, told Insider that the volatility of Bitcoin has gradually decreased over time. He said that even the recent sharp moves have not seen such a large increase in volatility compared to the past.
Overall, experts, including Ryan Conway, who is Senior Vice President and head of business development and strategic partnerships at digital banking platform Oxygen, agree that it will continue to rise on Bitcoin.
Conway said, “Although there are several external factors that could lead to short-term fluctuations this week, I think Bitcoin will continue to rise in the long run, as it demonstrates real utility as a store of value and a measure against inflation with the potential to replace gold and even major fiat currencies. . ” said.