Bitcoin Has Had Minimum Average Daily Price Change in The Last Year

Last Modified:18 Mar 2021 05:26:28
Bitcoin Has Had Minimum Average Daily Price Change in The Last Year

In 2018, the average daily price change of Bitcoin was at its lowest level reported in the last nine years. In fact, the price of Bitcoin (one type of cryptocurrencies) did not behave as expected during 2018. Indeed, Bitcoin experienced people’s tendency to trade in the bear market below the market prices which influenced the whole cryptocurrency industry.

A bear market refers to a situation when stocks have a declining trend and recession is the order of the day in the financial market. There is a negative atmosphere in such a market, the supply increases, and the demand decreases.

On December 30, Jameson Lopp, a Cypherpunk movement activist, said in his tweeter that :

“In the current year, Bitcoin average daily value change was -0.33 percent. Bitcoin, itself, with -0.25 percent in 2014 is in the second place regarding the minimum average daily price change. However, an average daily price change of Bitcoin increased up to 0.09 percent in 2015.”

Cypherpunk was a movement which began in 1980; Cypherpunk was someone who supported the development of cryptography and technologies that increased the privacy of people in order to make changes in society and politics. This movement was among the foundations of digital currencies.

The year with the highest average daily price change for Bitcoin, i.e., 0.82 %, was 2014. Then in 2017, Bitcoin had another average daily price change growth with 0.78 percent.

As Cointelegraph news website has recently reported, Morgan Creek, partner, and colleague of the Digital Assets founder Anthony Pompliano told CNBC that Bitcoin price will fall below $3000.

One month prior to this statement, he had predicted that Bitcoin would be around $3000, soon enough Bitcoin price reached $3.192.

Furthermore, Tone Vays, a cryptocurrency trader and bear market analyst, had recently warned that this price would fall to the minimum level of $1300 and announced that this would definitely happen before further growth in Bitcoin’s price.

At the time of writing this piece of news, Bitcoin trading price is below $3800, and the entire market capitalization is $66.21 billion.

Several cryptocurrency analysts have predicted that Bitcoin would grow further in 2018, but their predictions had not come true.

Charlie Lee, the Litecoin founder, was one of the few who warned about the possible risks of investing in virtual currencies. Litecoin, LTC, is a peer-to-peer cryptocurrency and it is technically similar to Bitcoin. He wrote on his Twitter at the end of 2017 that Litecoin could drop down to $20 at any moment. Litecoin dropped down to $23 a few weeks ago.