Famous cryptocurrency analyst from Fundstrat Global Advisors Tom Lee (Tom Lee) in a program on CNBC admitted that pleasantly surprised by the stability of bitcoin (BTC), recent.
Due to the fact that the stock markets are experiencing a 9 percent decline, Lee was expecting a more noticeable change of the value of the main cryptocurrency. But, though small in global terms, the market capitalization of the asset, the volatility of bitcoin has remained relatively low.
The journalist asked an analyst whether this situation is the best time to enter the cryptocurrency market, and If answered positively, noting that the exchange rate for bitcoin, it seems, falls below $6000. And to grow in price, bitcoin is now needed additional infusions of Fiat money that, according to the analyst, is a good indicator of widespread acceptance of digital currencies. According to forecasts Whether it will happen or by the end of this year or early next, as soon as new platforms and products from Bakkt and Fidelity.
However, this is not the only factor that can affect the rising cost of bitcoins. Li pointed out that cryptocurrency is the relationship with the us dollar, so if it will continue to weaken, then bitcoin will become more popular in the market and therefore expensive.
The last few days, the cryptocurrency market is stagnant, only a few leading cryptocurrency has risen slightly over this period. As shown by the service Bitcoinity, 18 October, the volatility of bitcoin began consistently declining, demonstrating a standard deviation in the schedule for the whole of 2018. According to experts, the reason for the deviation could be decreased, the volume of trading cryptocurrency.
A small jump in volatility was observed on 29 October, when all major currencies at the same time a bit lost in the price. At the time of publication of news bitcoin is trading for about $6428, adding of 1.47% over the last day.
Recall, Tom Lee is known for his optimistic forecasts on major cryptocurrencies. In August, the expert said that we should expect the growth rate of bitcoin to $20,000 at the end of the year. And before that, in March, who gave long-term forecast to increase the cost of the same asset to $91 000 in 2020.
Positive views also hold more than half of institutional investors who questioned the company Fundstrat last month. As he wrote then, That Whether in his Twitter account, the results of the study showed that “wall street doesn’t doubt the positive outcome for bitcoin”.