Mainstream economists are warning that there are signs pointing to a market implosion in cryptocurrencies on the horizon. Juniper Research, a research company came out with a report that stated a further 47% quarter on quarter drop in transaction values can be expected.
The value of daily transaction dropped from $3.7 billion in late 2017 to less than $670 million in September 2018. The Crypto market also contracted from $1.4 trillion in the first quarter to just under $355 billion in the second quarter.
Analysts are also noticing that even amidst the global concerns over China and US trade disputes, Brexit related difficulties, which are prime conditions for investors to seek alternative investments, it didn’t seem that anyone was or is considering cryptocurrencies as a safe haven or alternative.
Looking at the chart of Bitcoin
The price action has not done much from our last note and is still pretty much trading sideways between $6879 and $6120 per coin. The overall trend is still down so don’t buy the dips and rather sell the rallies until the down trend reverses.
Chart Source: MetaTrader 5
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