Market Cap
24h Vol
3354
Cryptocurrencies
20794
Markets
Seeking Alpha
2020-03-16 01:09:16

I Like Bitcoin At This Price

Bitcoin initially held out against the broader decline in financial markets this past month but then suddenly the floor fell through as it plummeted 40%+ in just a day. In recent years Bitcoin has re-established its strong market share among cryptocurrencies and largely shuttered the challenge of other general-use altcoins. The correlation of Bitcoin with broader markets shows that it is an asset oriented towards consumer and business activity and thus declines when economic activity seems seriously threatened. It is still unclear how impactful and sustained the coronavirus pandemic will be on the markets, meaning volatility may still be ahead. At a price point in the 5000's Bitcoin seems currently at a potentially worthwhile entry-point as it has shown the inertia and price history to merit a potential rebound once coronavirus subsides.