The Worst Month in Past Seven Years is Over; Here’s What to Expect in December
The cryptocurrency market reported massive losses in November, which was dragged down by traders’ concerns over the Bitcoin Cash hard fork and worries over the regulator’s crackdown on ICOs and cryptocurrency exchanges.
Bitcoin’s price started last month around the $6,500 level before falling below the $3,500 mark on November 25. The flagship cryptocurrency has been trading around $4,000 over the last couple of days with small sideways movements.
Bitcoin’s price dropped 40% in November, extending the full year selloff to 80%. The rest of the cryptocurrency market has also been following a similar trend. The total cryptocurrency market hovers around $130 billion at present, down significantly from its all-time high of $850 billion that it had hit at the beginning of this year.
What to Expect in December?
It’s quite difficult to predict where the market is likely to move. However, bulls and bears are tightly holding their price bets. Bulls continue to foresee solid upside momentum in cryptocurrency markets; they have several arguments and reasons to support their price bets.
Some of the market pundits believe that cryptocurrency markets have hit the bottom of a bearish trend in November; they expect a steady upside movement in the days to come. The upcoming launch of Bitcoin future contracts from Bakkt in January along with innovative new product launches are the most significant catalysts for the price hike in December.
A few other traders expect an increasing adoption of crypto coins as a medium of exchange as a catalyst for the bull-run. Tim Draper, for instance, expect Bitcoin’s price to reach $250K by 2022, saying, “I tend to move my dollars into Bitcoin, because I think, well, why would I want this currency that is tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have global currencies than one that is sort of tied to a political force.”
Bitcoin’s price has remained volatile throughout the last month. But it’s also true that past performance isn’t the guarantee for future price movements. Cryptocurrency markets move on speculations and traders’ sentiments. The prospects for the launch of future Bitcoin contracts on Bakkt could offer huge support to traders’ attitudes. Therefore, anything could happen in December and beyond.
What’s your opinion about the Bitcoin price performance in December? Let us know about your price bet in the comment section below.