The world most valuable currency drops below $6000
Bitcoin has hit the lowest value in almost eight-month and these could make a perfect time to invest in the as the bitcoin current price is below $6000
The world’s most valuable cryptocurrency dropped to $5,826 on Sunday, 24 June, according to CoinMarketCap, but has since seen a modest recovery to return above $6,000.
The price fall was reflected across the cryptocurrency markets, with ethereum, bitcoin cash, and ripple all dropping by between 10 and 20 per cent over the last week. All of the major cryptocurrencies have seen slight price gains of between 3 and 10 percent over the last 24 hours.
Bitcoin price could hit US$30k in 3 months.
But on the balance of probabilities it won’t and now is a bad time to go in.
Here are two reasons.
the trend is your friend. If there is one simple yet effective rule to investing, it’s that. It’s statistically shown to work. And the trend is most certainly downwards.
Bitcoin is open source, which means that the technology itself is worth nothing as anyone can replicate it. But at US$6k the total value of all Bitcoins is around US$100B.
If the technology is worth nothing, then that US$100B is essentially the value of the brand – the fact that people have heard of and use Bitcoin. But no-one apart from drug-dealers, and speculators use it, it’s too unstable to even be used as a medium of exchange, and it’s more a gambling-haven than a store of value.