Bitcoin falls to December low, but Wells Fargo believes in the investment potential of the main crypto coin
Bitcoin falls to December low of $18,000
The price of the main cryptocurrency has dropped sharply over the past day. The BTC price dropped from $18,770 to $18,031. As a result, the volume of liquidations in the futures market dropped to $440 million.
A similar decrease in the value of the first crypto coin was recorded on December 1, 2020. After that, bitcoin began to grow, aiming for $20,000. At the time of publication, BTC is trading at $18,247.
Other popular crypto coins are also in the red zone. Ethereum fell by about 8% and with the current price of about $500. XRP fell to $0.55.
Wells Fargo notes Bitcoin investment attractiveness
Analysts of the financial holding Wells Fargo noted that the value of the main cryptocurrency increased by 170% on an annualized basis. This is what makes bitcoin the most effective investment asset in 2020, experts say.
According to data in one of the company’s latest reports, over the past 12 years, cryptocurrencies have grown from almost nothing to an industry with a capitalization of $560 billion. “Short-term hobbies usually do not last 12 years,” experts of the financial holding are sure.
Noting the positive aspects of the first cryptocurrency, analysts emphasized the high volatility of BTC. Experts drew an analogy between its development and the dynamics of gold growth. Three years ago, assets started from one point and for a long time demonstrated a generally similar dynamics. However, this year the Bitcoin line has gone up sharply.