- 08 Jul, 2018
After 20 June, cryptocurrency market has fallen by nearly 20% to 30% bringing the market cap of overall crypto market below $100 bn. Bitcoin and Ethereum, the two largest cryptocurrencies also registered significant price decline. The value of bitcoin and other cryptocurrencies are solely based on market demand and supply. According to bitcoin expert Andreas Antonopoulos, if investors cannot justify the increase in the value of bitcoin and other cryptocurrencies, the market correction is obvious and imminent.
Bitcoin has always recovered beyond the previous peak in all the historical corrections. For instance, when bitcoin prices fell from $2,400 to $1,900 during first two weeks on june, it hit new time high at $3,000. Bitcoin experts expects the new bitcoin high at around $5,000, when scaling issues will be addressed shortly and Bitcoin Core’s Segregated Witness (Segwit) can be implemented without hard fork execution. As the demand for bitcoin and other cryptocurrencies such as Ripple, Litecoin, Ethereum classic are growing rapidly, cryptocurrency market correction is around the corner.