In the early winter of 2017, bitcoin skyrocketed from $4000 to $19 000 in just a couple of months. The exponential rise in the cryptocurrency price resulted from increasing demand from contributing participants. By investing sizeable funds in bitcoin, investors planned to make high return from its onward sale.
Despite the positive forecasts, the current market conditions are still volatile. On Sunday, June 24, 2018, BTC dropped to $5787, taking down the whole cryptocurrency market with it. On this account, all crypto coins landed in the red zone.
The next day, the cost of bitcoin went up to $6131. According to the trading portal, CoinMarketCap, the Altcoin market capitalization is now on a three-month low of $256 billion, which is 70% less than at the beginning of January 2018.
Based on the analysis, there are many reasons for such a sharp drop. Many experts agree that international raid operations in the United States and Canada to expose the fraudulent actions in the cryptocurrency market have also affected the variability of bitcoin.
As expected by the leading cryptocurrency expert and founder of the American company Trading Analysis, Todd Gordon, the course of virtual currency will reach $10000 by 2019. But beforehand, it will drop down to its knock-down point of $4000. The expert believes that depreciation of bitcoin will be a short-term occasion, thus, there is no reason for panic.