Bitcoin exchange rate: why six months was fatal to the cryptocurrency
Stock Markets Group – bitcoin exchange Rate today, June 11 remains on the verge of a serious collapse, the fall of bitcoin has stopped, but the sellers manage to put pressure on the quotes.
The price of Bitcoin is preparing to make a break out the last frontier, and in a growing panic, most likely a fall can not be avoided.
Rates of other altcoins as well halted the decline and are trading mixed.
So the Bitcoin exchange rate Cash fell by 0.79% and is at 929$ capitalization 16 066 billion.
The Ripple rate fell by 0.5% and reached the level of 0.57$ at market capitalization 22 874 billion.
Price Ethereum grew by 1.21% and reached 531$ in market capitalization 53 368 billion.
At 11:40 a.m., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $ 6 742 (-0.56%)
Bitfinex – $ 6 725 (-7%)
Coinbase – $ 685 6 (-0.2%)
The market capitalization of Bitcoin at the moment is $116 069 billion Total capitalization of the stock market 254 809 billion.
Bitcoin exchange rate never reached 10 000$ for the first half
Many experts in the beginning of the current year predicted new records for cryptocurrency and expected by the summer of bitcoin will reach at least half from previous heights.
Most often, the experts ‘ forecast is based on technical analysis course and historic values. The current situation confirms that this is not enough, because first, you cannot analyze figures on the market where the main driver is the psychology of the crowd, and second historical data are too young to rely on them.
There are three main qualities that underpin bitcoin and they remain still the main advantage of the asset. But these positive characteristics seem to have played with the cryptocurrency rate cruel joke that we see these days.
Characteristically, speed of transaction, on decentralization and scalability, talking just at the moment when the bitcoin exchange rate continued to break records.
Discussions about what is technically necessary to do something and scale are the first and only occasion when the developers seriously asked the main question: “is it possible the observance of all three qualities, is there a balance?”
The current drop in Bitcoin in our view shows the main problem of the asset – the inability to scale the network without loss of speed and decentralization.
That is a perfect system, which would allow to expand will always be slower and will require changes.
Without modernization “margin of safety” of bitcoin network is limited and ultimately the growth of processing time of transactions will appear again when the bitcoin exchange rate will exceed the scope of the current corridor.
The same can be explained of “comfort and justice” the current prices reflect the balance of supply, demand and technical possibilities. Therefore, in our opinion, the value of bitcoin and will not be able to overcome the mark of 10 000$ as soon as there is no need of those who use the technology, nor of those who trade in the cryptocurrency market.
Bitcoin exchange rate today
The risk of falling below the key level of 6 800 $ for one coin remains. Technically, especially fundamentally, there is now no reason for quotes not continued to decline.
The current pause will be used “bears” to consolidate efforts and pressure on the exchange rate of bitcoin to a new minimum.
Given the “thin market”, low activity of players and virtually no capital inflow in the summer months, major changes in the direction of growth to expect, probably should not.
Our forecast on the exchange rate of bitcoin will continue to fall and will go first to the level of 6 000$, and then we should expect the triggering of stop orders at around 5 500$.
Market analyst cryptocurrency
Stock Markets Group™