Bitcoin on track for 10th consecutive session below $4,000

Bitcoin on track for 10th consecutive session below $4,000

Expect university endowments to be large players in the cryptocurrency market, says Nigel Green

Cryptocurrency prices are trading in mixed fashion on Friday with bitcoin, the best-known digital currency, marginally lower.

In midafternoon trading, one bitcoin BTCUSD, +0.31%  was fetching $3,806.21, down 0.9% since 5 p.m. Eastern Time on the Kraken crypto exchange. If the loss is maintained, the coin is on track to log its 10th consecutive session below the $4,000 mark.

What are analysts saying

Despite prices hanging near multimonth lows, Nigel Green, founder and CEO of U.K. consulting firm deVere group, said the landscape for digital assets is set for an upswing in 2019, buoyed by growing interest from the institutional sector.

“The bearish sentiment of the last quarter of 2018 is now, I believe, behind us,” wrote Green. “We can expect the current upswing to continue, albeit with peaks and troughs as in any financial market. In 2019, the cryptocurrency market is set to radically evolve. We can expect considerable expansion of the sector largely due to inflows of institutional investors.”

Green predicts that the endowments of prestigious universities will become significant investors in cryptocurrencies in 2019.

What are altcoins and futures doing

Altcoins — the colloquial term for coins other than bitcoin — are mostly lower on Friday. Litecoin LTCUSD, +1.83% was off 0.1% to $31.38, XRP, XRPUSD, +0.47%was down 1.2% to 35 cents, Bitcoin Cash BCHUSD, -0.37% was down 3.4% at $155.60 and Ether, ETHUSD, +3.06%  was bucking the trend, trading up 0.4% to $148.48.

Bitcoin futures finished mixed on Friday. The Cboe Global Markets February contract XBTG9, +0.47% closed up 0.1% at $3,752.50, and the CME Group February contract BTCG9, +1.74% finished down 0.5% to $3,730.

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