A group of analysts of the American banking holding Morgan Stanley has published a new report, which draws parallels between the recent take-off of bitcoins and the boom of dotcoms that occurred in the late 90s, reports Bloomberg.
According to analysts, at present the movement of the bitcoin rate almost completely repeats the Nasdaq Composite Index on the eve and after 2000, but 15 times faster. Then the index rose by 278% in 519 days and peaked in March 2000. In turn, bitcoin jumped by 248% in just 35 days - down to a record $ 19 511 last December, the report said.
Nasdaq / BTC Compare
In addition, it is noted that since the end of last year bitcoin has experienced three waves of falls, when its price fell every time by 45-50%, before the rebound occurred. At the same time, the Nasdaq experienced five sharp falls after 2000, which were 44% on average.
Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out.
Strategist, Morgan Stanley
Bear market is not something new for the Bitcoin. So, after the records of the end of last year in February, the price of bitcoin fell by 70%, and in this "there is nothing unusual," added Morgan Stanley. At the same time, since December 2017, trading volumes of bitcoin have grown by almost 300%.