With the cryptocurrency market in the midst of a long bearish period, and with interest seemingly waning, crypto investors and enthusiasts are in turmoil.
Recently Amani Hughes and Expresss.uk gathered the opinions of cryptocurrency experts on just how low the overall market cap may sink.
Kevin Murcko, CEO of crypto exchange CoinMetro thinks that Bitcoin’s price is tied to the cost of mining and the leaders of the mining industry are the ones who determine how the he price can drop.
“Mining carries a cost, and large-scale miners won’t sell below that cost. Bitcoin mining is currently profitable down to a price of about $3,000 per Bitcoin, that price represents an approximate market bottom.”
The Co-founder of CryptoCurrencySimplified, Erica Stanford thinks we have already hit bottom and that Bitcoin has resiliently held near $6000. She told Express.co.uk that the digital asset is not likely to drop any further.
“Bitcoin has been going down since January. Many individuals have already sold out. Institutions have had every chance to drop the price down further had they wanted to crash Bitcoin even more. There has been strong support at around $5800 – every time Bitcoin has gone below $6000, it had been brought straight back up.”
Mike Rymanov, the CEO of Digital Securities Exchange has some cautious optimism regarding the near future of cryptocurrency. Rymanov told Express.co.uk the market was hit by the faulty news of Goldman Sachs dropping their crypto plans, but the market will recover and and be more tightly regulated in the future.
“Over the coming months, I expect we’ll see the market continue to attract more professional players which will subsequently lead to much more civilised market conditions, and in my opinion, there still remains a real possibility of hitting the £10,000 mark by the end of the year. Furthermore, we expect other financial institutions will continue to look for ways to provide robust custody solutions for cryptocurrencies.”
Ultimately, Rymanov thinks financial institutions coming into the market in large numbers will ignite the market and lead to major growth.
“Once these come into play, those investors who are currently sceptical or who have security concerns will be able to invest securely. In the medium to long term, it’s likely this will add to the consistently upward trend as we head towards £20,000, however when, and if, we reach that point is difficult to predict.”
The experts admit that they don’t know how to time the cryptocurrency market. It is volatile and might remain so for the foreseeable future; however, many still agree on the overall bright future of Bitcoin and the rest of the crypto space.