Today I have two news of the classical type “One is good, the other – not good”
The first – cryptomarket is growing, the rates for today’s morning according to the data of coinmarketcap are as follows:
BTC – $8 895
ETH – $872
Data for yesterday morning:
BTC – $8 571
ETH – $839
The most part of all cryptomarket is in the green zone! Enjoy the moment!
The second news is from the world famous Bloomberg agency.
Mike McGlone the strategist for commodities of the analytical division of Bloomberg Intelligence believes that the probability of a 90% drop of BTC price within the conditions of uncontrolled supply growth at the market is quite high.
The parabolic growth of supply at the market of cryptocurrencies does not allow to estimate it correctly. There is a strong gravitational attraction to $900 for one BTC, the average price since the beginning of 2017.
“I spend a lot of time reading about this, and the more research I do, the more bearish I get,” McGlone said in an interview. “It’s very similar to these Internet companies we saw in the late nineties.” McGlone emphasized.
Analysts are concerned about the number of tradable cryptocurrencies that jumped 120 percent in the past year. And including all that there are already more than 50 million outstanding coins based on the original blockchain. He claims that there are also nothing preventing rivals from spawning an infinite amount of BTH clones.
Prior to this, JPMorgan & Chase analysts predicted a drop of the price of Bitcoin to $4 605.
We will hope for the better but the analysts’ forecasts will help to prepare mentally to other development of the situation.