Bitcoin Enters Exhausted State

Last year, Bitcoin price receive bull market, advancing to US$ 19,188 from CoinMarketCap in December. Like other business, Bitcoin was exhausted as the bear market continues to dominate. This year itself according to CNN, Bitcoin enters US$ 3,456 this week.

Based on a report from CNN, Bitcoin price can still go down to 85% or at least US$ 3,000 from last year the highest price. Despite the price goes down, the value itself rises for around 300% after its first bull debut in late 2014. Through three years of steady bull, it made a surprise attack where it reaches the highest price at 17th December 2017.

Bitcoin needs a recovery

Bitcoin now needs to recuperate itself after reaching highest record last year. Like the usual sudden emerging market, the situation was common to those who understand it. When a new product appeared, they got big sales but later, the price goes down naturally until stable. Based on the data received from the first two years of its first enlistment. The price goes down to 85% while the asset value increases to 400% based on the current market worth and value. This can be seen from CoinBase graph that in the first three years from its enlistment, the price rises slowly until 2017 where the price suddenly spikes up, setting a new record on the market. Most likely the price will remain steady after a year of exhaustion. However due to this as a new type of currency, the struggle will continue. This applies to all types of Cryptocurrency that uses Bitcoin as a main trading. Until the price goes stable, bear and bull market remain challenging each other. Some predict the situation will continue until Q2 2019 but some predict it can happen at the end of 2018. Currently, many cryptocurrencies attempt to make their own cryptocurrency become a primary currency. XRP, STR, and ETH are examples where they want to make their own cryptocurrency made as a primary currency. Overall, Bitcoin remains as the main cryptocurrency for trading but it will change once other currencies emerge while Bitcoin remains exhausted.