Everything that rises, falls down as well. The same we have seen with the value of popular cryptocurrency Bitcoin. Just a few weeks ago it was trading at $19,000 and then it crashed back to $12,000 in no time. It shed almost 50% of its value which the investors deemed as expected price correction.
But there is another group of people who believe that smart investors are playing with the hard earned money of common people by giving outrageous speculations. These investors ‘pump’ the value of Bitcoin through their claims and encourage people to invest money, once these investors have achieved their return target, they quickly ‘dump’ the Bitcoins and cash out.
Must Read: A guide on how to buy Bitcoin in Pakistan
Gartman Letter creator and former trader Dennis Gartman has said, ‘Bitcoin will trade below $5,000’ and ‘one of the silliest things in a long time.”
He also said, “I won’t trade it. I won’t be long of it. I won’t be short of it,” he added, “[Bitcoin is] some sort of an asset that has no real asset value behind it.”
On the other hand, Bitcoin is losing its market share to other altcoins. Bitcoin held 90% of the market share at the start of the year, which has fallen down to a meager 42%. It is speculated that Bitcoin will pass on the crown of biggest cryptocurrency to Ethereum in the year 2018.