In recent weeks, cryptocurrencies have experienced a large correction. Total market capitalization fell by about $100 billion, while the price of Bitcoin dipped to $5,800 at one point. Cryptocurrencies went through a similar trend in 2014, but with more positive signals this time around.
Despite the downturn, Bitcoin is showing signs of bottoming out. Charles Hoskinson, co-founder and former CEO of Ethereum, is optimistic as he thinks Wall Street will bring trillions to the cryptocurrency market.1. Moreover, EY and Microsoft recently announced the launch of a blockchain platform2. Given these signals, could this mean that this correction will lead cryptocurrencies to rise again?
Performance MVIS CryptoCompare Bitcoin Index versus
MVIS CryptoCompare Digital Assets 100 Index
Source: MV Index Solutions
About the Author:
Wei Liu is an analyst in MVIS’s operations department. She follows the Digital Assets space for many years and maintains the respective indices. She holds an M.Sc. in Management from Goethe University Frankfurt, Germany.
The article above is an opinion of the author and does not necessarily reflect the opinion of
MV Index Solutions or its affiliates.
Sources:
1Cointelegraph, June 2018: