Weiss Ratings Founder Says Latest Bitcoin Drop-Off Was “Different This Time”
Founder Of Weiss Ratings Says Bitcoin Drop-Off Was “Different This Time”
In wake of the recent market crash, Martin Weiss, the founder of Weiss Ratings, has come forth and said that this latest drop in the price of Bitcoin exposes many shortcomings of the crypto market as well as many of its underlying technological setbacks.
As we all know, over the course of the past 30 days, Bitcoin (BTC) has lost more than 65% of its value since peaking earlier this year. In response to the premier asset taking such a massive financial beating, Martin recently released a statement about the sudden drop in altcoin prices across the board.
In relation to the matter, Weiss added:
“Since Bitcoin began trading actively, it has plunged by 70% or more on four separate occasions. Each time, people wrote its obituary. And each time, Bitcoin rose from the dead, rising by an average of 6,300% from low to peak. Now, Bitcoin has declined by more than 70% again, setting the stage for another major price rise likely to begin in 2019.”
More On The Matter
In the past, Bitcoin has often faced negative market pressure but more often than not, the premier digital asset usually made a swift recovery. However, this time around, it feels like things are a bit different. According to Dr Weiss, with the rise of DLT, more and more projects such as EOS and XRP have presented to the world, more convenient and faster ways of facilitating monetary transactions using blockchain technology.
Lastly, due to the crypto market still being in the grip of negative market pressure, it appears as though such sluggish conditions will persist all through 2019.
As many of our readers may already know, owing to another massive sell-off that took place late Monday evening, BTC has once again plummeted below the $4,000 threshold (settling around the $3,900 mark). Additionally, at press time, BTC trades account for more than 35% of the global crypto transaction volume. Lastly, BTC still accounts for more than 53% of the entire altcoin market capitalization.