Market Caps under $200 billion, will it drop more?

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Bitcoin trading volume has fallen to $6,281. Its pricing trend is continuously changing. On 5th September, it was trading at $7300 but significantly dropped to $6,200 on September 8th. Ether, Bitcoin cash, and Litecoin are trading at $197, $416, and $52 respectively. Because of these price decreases, market capitalization is recorded under $200 billion.

Ricky Li, CEO of Altonomy commented in MarketWatch Altcoin volume will decrease further, and investors will move towards Bitcoin. However, Rob Sluymer of Fundstrat Global Advisors stated that Bitcoin is using clutches now and without support, Bitcoin price will further decrease.  The potential risk is up to $5000.

Tim Draper, an investor, discussed that investors would witness the increase in Bitcoin price up to $250000 by 2022 despite the current low price of Bitcoin and decreasing combined market cap. He believed that combined crypto market cap would increase up to $80 trillion in coming 15 years.

The prediction of high Prices of Bitcoin and good market cap at the end of the year will not be true by looking at the current market condition. The recovery claims by the victims for their lost money against Bitcoin exchange is another major problem in the market causing a change in market value. Since August, two online systems have been launched for normal users and corporate users to file their claims. These new systems have made it easy for users to get their lost money back by simply filing their complaints on these systems.

Though many investors of the exchange kept insisting that the higher flow of payment will make it difficult for the market and it will eventually crash.

If users decide to sell out their coins the price of Bitcoin will further decrease up to the lowest level of the year.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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