Bitcoin almighty: how the cryptocurrency market reacts to the fall of the coin
The fall in the value of bitcoin negatively affects the market as a whole
Bitcoin will rise in value. Experts are sure of this
Altcoins will not cope with the crisis without Bitcoin support
International consortium of news organizations developing transparency standards.
After the recent rally in price, the main cryptocurrency fell back to $ 6,390. Experts regarded another decline in value as another signal of market stagnation and a further decline in other cryptocurrencies. According to experts, the market directly depends on the state of bitcoin and repeats its actions..
This was announced on his Twitter page by a trader and author of books for business Peter Brandt. In a tweet, he pointed out that the “perfect storm” (the simultaneous impact on the global economy of several negative factors at once – author) could be a decisive period for Bitcoin. It is at such moments that a coin can secure the status of a defensive asset and grow in price. The state of the market as a whole will depend on the behavior of bitcoin, because it is the BTC that sets the trend for cryptocurrency.
For BTC, this is the perfect storm.
If Bitcoin cannot rally on this, then crypto is in BIG trouble.
– Peter Brandt (@PeterLBrandt) March 27, 2020
Maria Stankevich, director of business development at the EXMO cryptocurrency exchange, agrees with his opinion. In an exclusive interview with BeInCrypto, she stressed that Bitcoin is a trend-forming asset and other coins are equal to it. If the value of bitcoin falls, then the price of other coins also tends to fall..
This can be clearly seen during the recent fall in cryptocurrencies. Immediately after the decrease in the S index&P500 bitcoin collapsed and lost 50% of its value. Following it, all other cryptocurrencies began to fall, including altcoins and stablecoins. This process demonstrates the direct correlation of Bitcoin with other cryptocurrencies..
As for the forecasts of the future behavior of bitcoin, here experts adhere to absolutely opposite points of view. For example, the famous trader and bitcoin enthusiast Kir Kelevra told BeInCrypto that the value of the main cryptocurrency will only increase and on the eve of the halving may reach $ 10,000. This will be caused by several factors at once: halving, the transition of institutional investors from fiat currencies to cryptocurrencies, and others..
Other experts predict the fall of the coin to the $ 1000 mark by the end of the year. In any case, cryptanalysts are confident that we should not expect global changes in the market until the panic caused by the coronavirus epidemic ends. Earlier, BeInCrypto reported exactly how the cryptocurrency market is responding to the coronavirus and what consequences the outbreak of panic and economic crisis will have on cryptocurrencies..
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