Every single one of cryptocurrencies in the top-20 in terms of trading volume is going into the weekend in the negative territory as investors continue to book their profits. After losing more than $4K and dropping below the $12K mark, the BTC/USD pair recovered a small part of its losses and was last seen trading at $13,600, down 12% on the day, according to the latest available data on coinmarketcap.com
Bitcoin cash, which rallied above $4K earlier this week, is now trading at $2,700, losing more than 15% on the day while IOTA, the 8th biggest cryptocurrency with a market cap of nearly $10 billion, is dropping more than 30%.
However, following today’s sharp retreat, CBOE’s bitcoin futures trading volume more than doubled, suggesting that more investors are looking to take advantage of the lower prices to get their hands on more bitcoin. This development alone shows that the market still expected bitcoin’s price to rise in the near future.
Bitcoin is the star asset of the 2017 and has all the numbers to repeat in 2018. The risks an investor takes when entering the Bitcoin market are as high as the rewards that might be gotten. Meanwhile, the total market capitalization of all cryptocurrencies on Friday dropped below $500 billion for the first time since December 14.
In his recently published article titled ‘Bitcoin Forecast 2018: BTC/USD the star asset of the year, projections from $8.073 to $89.750,’ Tomas Salles, Technical Analyst at FXStreet, notes, “bitcoin is an evolving project and the probable continuation of forks, even if they are hard or soft, will keep going. There are lots of technical challenges that need to be addressed by Bitcoin and the crypto sphere. Bitcoin’s role in the future will depend basically on how its technology evolves and improves.”