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Friday, 16 November 02:45 (GMT -05:00)



Foreign exchange market

This week Bitcoin may raise to 7000 USD/BTC


This week, Bitcoin may grow in value all the way up to 7000 USD/BTC, some experts say. As you probably know, the past trading week wasn’t successful for the world’s first cryptocurrency, as well as for the rest of the crypto market. 
 
The average market price of Bitcoin was below 6000 USD/BTC. This was the lowest level since November 2017. The crypto market cap dropped all the way down to 237 billion dollars, also the lowest level since November 2017.
 
Yesterday, Bitcoin managed to break above 6000 USD/BTC and continued its growth earlier today. According to NordFX, Bitcoin now costs above 6300 USD/BTC. This means that the world’s first currency has gained some 7% over the last 24 hours. At this point, the BTC market cap is above 104 billion dollars. At the same time, all the other cryptocurrencies from TOP60 have closed the trading day in the green zone. The market cap has now restored up to 258 billion dollars.

It’s interesting to note that Bitcoin has dropped by almost 40% over the last 7 weeks. Still, more and more experts believe that this market tendency is about to change. The believe the currency may well reach 7000 USD/BTC this week. On the other hand, Todd Gordon from TradingAnalysis assumes that if the coin fails to break the downtrend, it may well go all the way down to 5000 USD/BTC in the near future. However, he assumes that after moving down to this level, Bitcoin is likely to skyrocket to 10000 USD/BTC at some point this year.
 

 

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