Report Shows Bitcoin’s Average Daily Price Change Was the Lowest in the Last 9 Years
Bitcoin’s price did not behave as positive as expected during 2018. Indeed, Bitcoin experienced a bear trend that affected the whole crypto industry. In line with this, this year, Bitcoin’s average daily price change was the lowest in the last nine years. The information was released by Jameson Lopp on Twitter on December 30.
Jameson Lopp is a recognized cypherpunk and CTO of Casa. According to data uploaded to Twitter, Bitcoin average daily value change during 2018 was -0.33%. This is the lowest value since 2010. In 2017, the average daily value change was the third largest in history, registering a 0.78% increase per day.
Bitcoin average DAILY value change during:
— Jameson Lopp (@lopp) December 30, 2018
The year with the largest average daily value change was in 2013, when Bitcoin registered a price increase of 1.11% per day, on average. The following years were 2010 with 0.82% average growth per day and 2017 with 0.78%.
The worst performing years were 2018 as mentioned before, 2014 with a an average daily value change of -0,25% and 2015 when Bitcoin registered 0.09% daily change.
There are several individuals that believe that the bear market is not over yet. Indeed, Anthony Pompliano, Morgan Creek Digital Assets founder, said during a conversation with the CNBC that Bitcoin could bottom close to $3,000.
Another bearish analyst in the short term is Tone Vays that believes that Bitcoin could collapse to $1,300 before growing once again.
At the time of writing this article, Bitcoin is being traded just under $3,800 and it has a market capitalization of $66.21 billion.
Several crypto analysts predicted Bitcoin to grow further during 2018 but most of them failed. One of the few crypto figures in the space that warned users about the possible risks of investing in virtual currencies was Charlie Lee, Litecoin’s founder. He wrote on Twitter at the end of 2017 that Litecoin (LTC) could drop down to $20 at any moment. LTC dropped down to $23 a few weeks ago.
Ok, sorry to spoil the party, but I need to reign in the excitement a bit…
Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy! 😀
— Charlie Lee [LTC⚡] (@SatoshiLite) December 11, 2017