Crypto Market Still Fast Asleep as the Bitcoin (BTC) Price Fights for $3,600
Thursday, January 24, the Bitcoin (BTC) price has barely moved and could not show any major gains. At the time of writing this article, the price is only $ 3,577. The $3,600 mark thus could not be reached today, either.
JP Morning Chase forecasts a Bitcoin (BTC) price of under $1,260
The analysts of JP Morgan Chase seemed hardly surprised. According to a January 24 Reuters report, should the bear market continue, they expect the Bitcoin (BTC) price to fall below $1,260.
The reason for their scepticism is that the value of cryptocurrencies remains largely unproven in their eyes. They recognize that losing confidence in traditional assets such as gold and fiat currencies would make them more attractive and cause the Bitcoin (BTC) price to go up. However, they think the likelihood this significant loss of confidence might spread among a large proportion of investors would be utopian.
In the report, they therefore stated: “Even in extreme scenarios such as recession or financial crisis, there are more liquid and less-complicated instruments for transacting, investing and hedging [than cryptocurrencies].”
CEO of JP Morgan, Jamie Dimon, even went as far as openly calling Bitcoin (BTC) a “fraud” in September 2017. However, at the Axios LA conference in late 2018, he admitted that blockchain technology has potential.
“I never said what I said, I just regret having said it. I did not want to be the spokesman against Bitcoin. I do not really give it, that’s the point. Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency. “
The crypto winter continues
In any case, for now, there is no end of the crypto winter in sight. For crypto traders, therefore, it is probably best to have patience, since the last few days have been anything but exciting. Especially the Bitcoin (BTC) price as well as the courses of the rest of the top 5 coins seem to be frozen in time.
Bitcoin Cash lost 2% on Thursday. Today the price is $127.
Since falling below the $ 120 mark this week, Ethereum continues to struggle to cross it again. An important factor in the Ether price is the demand of ICOs and the popularity of decentralized apps. For now, these seem to have been heavily affected by the crypto winter, however.
The winners of the day
The only cryptocurrencies that could see stronger price movements were Aelf, Monero and Dash.
With a 9% increase, Ethereum rival Aelf was the clear winner on Thursday. Still, due to the low token value, this will not translate into a big win for most investors. Other Ethereum competitors to keep an eye on in the future are NEO, Tron and Cardano.
The course of Monero, which was heavily traded on Bithumb, rose by 3% and recorded 6-times the daily gain of the Bitcoin (BTC) price. On Kraken , Monero reached a daily high of $ 46. However, the price is still far below the $ 60 of 30 and 60 days ago.
At first, the Dash course had some problems today, though. On Binance , the value of the coin initially fell to $ 70 – a loss it quickly recovered from by the end of the day. The demand of the coin is influenced by many factors. On the one hand, Dash is heavily promoted in regions like South America and has already seen some success. On the other hand, fear of a possible mining centralization has recently spread through the community. The reason was the report of a Reddit user, who noticed that a single miner owned more than 51% of the Hashrate.