The Bitcoin Market: The Return To More “Normal” Levels
Exchange of cryptocurrency has been one of the most popular ways to invest money. Bitcoin is one of the most popular cryptocurrencies so people are more willing to invest in BTC. A lot of people are used to exchange their real money for Bitcoins on such platforms as BTCBIT.NET where you also can find information about current BTC market. But now, the trading volume has reduced due to some current circumstances.
Bitcoin exchange volume at the beginning of this year has been more than 6.6 trillion dollars even though the price of the currency was lower than usual. You can see the current price of a Bitcoin on and exchange platform BTCBIT.NET, as well as you can find more useful details about the currency.
Experts also notice that not only the volume dropped, but also the correlation between the BTC exchange volume and price has dropped. It is believed that 0.4 current correlation is very low compared to different situations in the past. For instance, before the crash of the market in March (Black Thursday), the correlation was at 0.6, while after the crash it lowered to -0.2. So the current 0.4 correlation is low, but experts claim that this state of market is healthier than it used to be.
The experts claim that because of the current market situation impacted by COVID-19 and oil market, the market’s leverage has been reduced. But this reduction from high leverage to a lower leverage is considered to be healthy. This readjustment has happened after the Stock Market Crash and is even considered to be a good factor for the development of the market in the long run.
The experts claim that during the outbreak of COVID-19 and the fall of prices for oil investors prefer to exchange for Bitcoin. Since Bitcoin is not only the first ever cryptocurrency to be on the market, but it is also the mainstream coin, it is only logical that investors prefer it to all other cryptocurrencies.
During the hard times for the market with the coronavirus pandemic and fall of oil prices, Bitcoin seems to be a better cryptocurrency to invest in. It is less likely that the price of Bitcoin will fall to the levels that will cause huge problems for the investors in BTC.
It is recommended to keep an eye on the market on some exchange platforms like BTCBIT.NET or others. The BTCBIT.NET platform offers exchange services as well as the information services. On this website, you can check the price of Bitcoin and other cryptocurrencies, you can exchange dollars or euros into Bitcoins (or vice versa). But you can also check the news in the news section of the website.
Experts claim that right now it is best to use such services, especially for the informational purposes. Although they also claim that the Bitcoin will be preferred more than other cryptocurrencies. It is explained by the fact that right now the pandemic and the fall of oil prices are impacting the market.
It is believed that due to these circumstances Bitcoin will be dominating the cryptocurrency market at least for the first half of this year. Even though the exchange rate and the investments into Bitcoin has dropped significantly, Bitcoin is going to be the most preferred cryptocurrency.
Where To Exchange
There are different platforms for exchanging conventional money into BTC. For example, BTCBIT.NET platform is preferred due to the safety of the platform and quick access to news from the market. You can see the price of BTC and other cryptocurrencies in dollars and euros, and you can choose the most convenient way to pay for BTC.
If you click on the “News” button at the upper side of the site, you can read all about the forecasts and current situation on the market. It is easy to use the website considering that you can decide what to do after reading the information about the current market situation. You can also use other platforms to exchange Bitcoin.
Even though there is a significant drop of exchange processes, and the prices are lower, but Bitcoin is a cryptocurrency that is relatively safe to invest in. As experts claim, the market is nove more normal than it used to be. It is healthy even considering the current situation with the outbreak of coronavirus, the fall of the prices for oil, and with the recent crash of the market.