Cryptocurrency market update: Bitcoin unrelenting in the journey to $100,000
- Calm returns to the cryptocurrency market; an analyst doubles down on BTC rise to $100,000.
- Gold bug Peter Schiff continues to poke in the wounds of Bitcoin investors saying that BTC failed the test as hedging asset.
The cryptocurrency market continues to dump on the third day in a row. However, there is some semblance of calm across the board. The total market capitalization according to the data by CoinMarketCap has dropped from $228 billion (posted on Monday) to $225 billion at the time of writing. The reported volume has increased also tanked from $174 billion to $149 billion in the same period.
BTC/USD recovered from the extended lower leg which touched $7,650. Unfortunately, the bulls lost their mojo above $7,900 leaving $8,000 unconquered. Bitcoin price currently dances at $7,881 after losing 0.65% of its value on the day. The trend remains bearish but the shrinking volatility suggests that losses could be limited in the near term.
ETH/USD, on the other hand, is trading at $198 after succumbing to 2.15% in losses on the day. An intraday high has been reached at $205 while $197.48 marks the intraday low. Unlike Bitcoin its volatility is expanding and coupled with the bear trend, ETH/USD could dive further towards the next support at $190.
XRP/USD is consolidating above $0.20. The attempts to sustain gains above $0.21 have been thwarted, forcing Ripple price in the range between $0.20 and $0.21. At the time of writing, XRP/USD is trading at $0.2070 following a 1.37% loss on the day.
Gold bug Peter Schiff continues bash Bitcoin
The CEO of Euro Pacific Capital, Peter Schiff is known for his criticism of Bitcoin. He has lately been energized by Bitcoin’s drop under $8,000 while gold continued to rally amid a stock market meltdown. Schiff says that Bitcoin caved in and failed to prove itself as a safe haven asset which investors can use to hedge in times of turmoil like the crash experienced stock and oil markets.
CNBC has not even mentioned #Bitcoin today. @CNBC spent months pumping Bitcoin as digital gold, a store of value that would outshine #gold as a safe haven during times of market turbulence. If Bitcoin was soaring today instead of crashing, the coverage would have been non-stop.
— Peter Schiff (@PeterSchiff) March 9, 2020
Bitcoin price still on track towards $10,000
A renowned quantitative analyst, PlanB is unfazed by the meltdown in the crypto market that saw Bitcoin dive to levels around $7,650. His stock-to-flow mode (S2F), used in predicting BTC price, shows that the largest crypto by market capitalization is still on track to $100,000.
#bitcoin S2F chart adjusted for today's "crash" ... nothing really happened, btc still spot on S2F track pic.twitter.com/7bIaZpWgLB
— PlanB (@100trillionUSD) March 8, 2020
The S2F model works on the basis of the historical correlation of the BTC in supply and the amount of newly mined BTC coming into the market. Most of the anticipated growth is likely to begin after the May 2020 halving.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
