The year 2017 was marked by a new revolution in the world of financial technology, where digital currencies, especially bitcoin, entered the financial markets without warning and unexpectedly. to record levels of $20,000.
Bitcoin was not the only cryptocurrency that made huge gains last year, all major and minor cryptocurrencies rose as well, and many new cryptocurrencies appeared during the past year, which many describe as the year of cryptocurrencies.
On the other hand, the market value of digital currencies jumped during 2017, to end the year at 569.7 billion dollars, an increase of about 552 billion dollars over the 2016 figures, according to CoinMarketCap, as the market value of the bitcoin rose to about 239.5 billion dollars, followed by other digital currencies.
Since the beginning of 2018, the digital currency market has witnessed a sharp decline due to the increasing tightening and tightening policies practiced by some global governments on the trading of digital currencies. The level of $12,000, then it entered a state of fluctuation between the levels of $9,000 up to $11,000.
In fact, market volatility, lack of high liquidity and market uncertainty hinder the progress of cryptocurrencies as an investment, as the risks still outweigh the potential benefits. International Economy.
From a technical point of view, Bitcoin appears to be in another attempt to regain the $11,000 level, maintaining the support levels since February 21, and this scenario is expected to remain in place as long as the support level exceeds $9,200. It should attract more investors to the market and it is better to follow the strategy of buying on dips in the medium term on the back of market volatility.
We also advise new participants in the cryptocurrency market to look for lesser known cryptocurrencies because it will give them an excellent opportunity in terms of return and risk. A currency to minimize risk and make the most of trading on lesser known currencies.
Many analysts believe that the year 2018 will also be special for digital currencies, especially after the development that has occurred and the ability of currencies to prove themselves and establish a basis for them in the financial markets. It is only a beginning, so we are waiting for a lot of positive government decisions regarding the trading of digital currencies.
The markets are also eagerly awaiting the meeting of the finance ministers of the Group of Twenty, where the cryptocurrency file will be on their table, and it is expected that some statements will be issued that will change the course of things.
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