The
leading cryptocurrency bitcoin once again passed the $15,000 mark on
Tuesday. It has been recovering from last week's sell-off, which sent
prices below $11,000 after the $20,000 record.
Bitcoin
was trading at $15,500 on Tuesday, up almost nine percent. Its market
cap reached $260 billion with its share of the cryptocurrency market
sliding to 44 percent, according to Coinmarketcap.
“There
is no right current price which would reflect the right current
valuation,” cryptocurrency expert Andrei Popescu told Reuters.
“Taking profit is right while buying into a long-term projection
is also right. You don’t have to be right in this market, just less
wrong than the rest,” Popescu said.
Cryptocurrency
entrepreneur Julian Hosp has predicted bitcoin will reach a new
record high, but not before another price crash. "I think
we're going to see bitcoin hitting the $60,000 mark, but I also think
we're going to see bitcoin hitting the $5,000 mark," Hosp
told CNBC. "The question is though, 'Which one is it going to
hit first?" he said.
Hosp
said the market anticipated the recent drop in prices, and it gave an
opportunity to buy bitcoin at a discount. "This dip for us
was very, very healthy, and some of us have used it to buy a little
bit more because suddenly we had 40-45 percent discount to all-time
highs," he said. "I don't think crypto winter is
going to come in the next couple of months, but I think if we look
down one to two years, there is definitely going to be a big
compression in the market," Hosp added.
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