In an unforeseen twist, Bitcoin took a hit recently and dipped down to below $3,500. According to analysts, there does not seem to be anything to trigger the sudden slide. The one thing that can be called back to are the warnings analysts said about downturns in the big dip of December. The drop saw BTC/USD at $1,300.
The sudden dip did not only affect Bitcoin but other names in the cryptocurrency world as well. As of this writing, Ethereum shed 6.8% trading at $108. Bitcoin Cash too lost 10.8% to hit $111. Still, Arthur Hayes, CEO of trading platform BitMEX forecasts that Ethereum will get back on its feet with the renaissance of the Initial Coin Offering Market. Once it kicks in, he sees Ethereum getting back to $200 or even higher later in the year.
The future of cryptocurrency still feels up in the air especially with how analysts are split on things. One of the more fantastical predictions is from Mike Kayamori, CEO of cryptocurrency exchange Quoine. He claims that Bitcoin will soar to amazing heights at $20,000 by 2020. Cryptocurrency has been experiencing a lot of ups and downs lately. The one thing that holds true right now is that you should probably monitor it regularly.