Home / Crypto Currency / Bitcoin Price Watch: Currency Now at $7,400

Bitcoin Price Watch: Currency Now at $7,400

So, the father of crypto has dropped a bit. At press time, bitcoin is down by roughly $100 and is now at $7,400. This is not a big deal, however, and granted bitcoin can stay above the $7,000 line, enthusiasts and traders likely have nothing to worry about.

Indeed, the currency has come a long way over the past few weeks. Early this month, the coin dropped to the $5,800 mark, causing widespread panic and fear amongst most enthusiasts, and several found themselves wondering about the future of the coin. Could it regain its position on the financial ladder, or would it sink into oblivion?

BTCUSD: Bitcoin: current Fibonacci levels

The currency ultimately proved itself capable of surpassing all blockades and working its way back up, jumping nearly $2,000 in price over the course of just a few weeks. Bitcoin rose back up to $6,300, followed by $6,800, and then $7,200. $7,400 and $7,500 came only a few days later.

Bitcoin has obviously shown itself to be resourceful and strong in the past. It has overcome larger obstacles and has moved beyond what anyone could have potentially imagined, as it did last December when it struck $20,000. However, we cannot forget that bitcoin remains a vulnerable entity. Volatility runs rampant through this arena, and many coins run the risk of dropping without warning.

Ethereum, for example, has risen to $501 in recent days, but was trading for $453 as early as yesterday afternoon. It’s unfortunate, as many continue to praise Ethereum as the truest form of digital currency, placing it above even bitcoin in terms of its technicality.

Bitcoin remains the number one cryptocurrency primarily because of its market cap and widespread adoption in comparison to other coins, but several analysts claim its blockchain leaves a lot to be desired, and its high fees and slow transaction speeds can get in the way of the currency’s nature.

However, we cannot overlook bitcoin completely in the process. While there may be other coins that have mastered certain areas, bitcoin is still sturdy. According one Forbes contributor, bitcoin is still heavily undervalued at its current price. We are directed to examine the currency’s supply and demand factors, which would likely place it at around $8,605 at the minimum. This means that bitcoin, while technically on the rise, still has a way to go, and is over $1,000 below its “normal” position.

Naturally, this is based off one person’s findings, and enthusiasts are advised to take any new predictions with a grain of salt, but we can see that bitcoin still has plenty of room to grow, and granted we have the patience, the currency can deliver everything it was designed to bring.

Bitcoin Charts by TradingView

Read more

Check Also

Bitcoin Price Watch: Currency Briefly Falls Below the $6,000 Mark Before Recovering

At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000. The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs. In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent. Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX. “This has snowballed negative investor sentiment,” he explains. Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off. “Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?” Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature: “Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.” Bitcoin Charts by TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.