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Had driven out of control, crypto prices in general entered a downward trend. However, market participants still see investment opportunities for these instruments as quite attractive.
Citing CoinMarketCap.com, the price of a number of crypto money that has jumbo capitalization, such as bitcoin and ethereum, dropped. Tuesday (10/16) at 17:45 WIB, the exchange rate of 1 bitcoin (BTC) was only equivalent to US $ 6,610. This figure is down 49.87 percent if calculated since the end of last year, which reached US $ 13,187. In the same period, the price of ETH fell 70.92 percent from US $ 722 per 1 ETH to US $ 210.
Kanta Nandana, Country Manager of Luno Indonesia, said the decline in the value of crypto could not be separated from the skyrocketing price of this instrument last year. For example, the price of Bitcoin jumped more than 100 percent in just four months in September to mid-December 2017.
This upward trend has finally made crypto money boom , so many people are chasing it.
“The high hype of the people makes crypto prices continue to rise, to the point of overbought and eventually begins to fall,” explained Kanta, Tuesday (10/16).
Kanta also considered that the decline in the price of crypto money was not related to the current condition of global financial markets. Because, the movement with conventional investment assets is not linear.
This means that if the performance of capital market instruments is bullish , crypto prices are not necessarily in a similar trend. Vice versa.
“So far the cause is still the demand and supply factors,” he said.
Despite the bearish trend , Christopher Tahir, Founder of the Cryptowatch Community, still sees crypto investment as quite interesting. Especially for long-term investment. But investors still need to implement the right strategy.
“When prices fall, investors can enter, but choose coins that have proven performance,” advises Christopher.
On the other hand, Sumardi, CEO & Founder of Rekeningku.com, added, for investors who already understand well, this instrument can be used as a short-term alternative.
For example, when the price of Bitcoin continues to move up and down in the range of Rp90 million to Rp100 million per 1 BTC, traders can buy when the price of 1 BTC is in the range of Rp90 million and sell it into the level of Rp100 million.
“This is indeed not easy because it requires the ability of market timing ,” said Sumardi.