Bitcoin is in crisis, but some analysts are optimistic about its future fundamentals. Bitcoin price has lost almost all the gains that it had generated during the last year bull-run. The flagship cryptocurrency is down 80% from previous all-time high and traders fear that bearish trend could extend into the next year amid lack of upside price driving catalysts.
Amidst the recent price collapse, some analysts are showing their confidence in bitcoin and the rest of the market; they believe the considerable upside and downside price swings are not new for cryptocurrency markets.
Bitcoin Outperformed Other Assets in last Ten Years
Morgan Creek Digital Assets founder and crypto investors Anthony Pompliano says cryptocurrency markets are not going anywhere. He also claims that bitcoin is the world’s best asset regarding returns for investors in the past ten years.
“First, [Bitcoin] is the most secure transaction settlement layer in the world, so it’s got to be worth something […] it’s the best performing asset class over the past ten years – it’s outperformed S&P, DOW, NASDAQ, etc. during the longest bull run. It experienced two 85 percent drops during that time, but [it’s] still up over 400 percent in the last two years,” Anthony Pompliano said.
The crypto investor believes that bitcoin price will rise sharply in the days to come as institutional investors have started buying digital currencies after the big selloff.
Bitcoin Survival is Unequivocal
The debate over the crypto market survival intensified after the latest price crash. Traders have been continuously questioning whether bitcoin price is likely to fall to zero or the crypto market will crash anytime in the future.
Jeffrey Sprecher, New York Stock Exchange (NYSE) chairman, believes cryptocurrency markets have strong future fundamentals as an asset class. The chairman said bitcoin survival is unequivocal. NYSE parent company Intercontinental exchange is planning to launch bitcoin future contracts early in the next year. ICE is planning to launch bitcoin future contract through Bakkt – which is its subsidiary.
Commenting on the Bitcoin (BTC) futures contract offering, Bakkt CEO Loeffler said that “the futures contract will help Bitcoin traders establish a trusted price. Bitcoin now trades at different prices on different exchanges, many of which are unregulated.”
Top Ten Cryptocurrencies Bounced Back Today
Top 10 CryptoCurrency Price Analysis Today
After hitting a yearly low of $3500 last week, Bitcoin and the rest of the high ten coins are bouncing back on Wednesday. Bitcoin price jumped above $4000 level while Ripple and Ethereum are also gaining upside momentum. Ripple is trading around $0.37 after hitting $0.33 on Sunday. Ethereum, which is replaced by XRP from the second spot, trades around $116. ETH has hit this year low of $105 on Sunday. Litecoin and Monero are best performers among the top ten coins in Wednesday trading. Litecoin is up 11% today while Monero price jumped 13%.