The Wall Street strategist and co-founder of Fundstrat Global Advisors Toms Lee has revealed ‘Bitcoin Misery Index‘, a tool which aides investors to recognize when to invest in the cryptocurrency. This trading tool is measured on a scale of zero to 100, considering multiple factors such volatility and number of winning trades out of the total.
As per Lee, lower the value of index more the chances for buyers to invest or vice versa and reports said Bitcoin index as on yesterday had hit 18.8 which is the lowest value since Sept 6, 2011.
Friday’s reports from CNBC states that,
When the Bitcoin misery index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance. A signal is generated about every year. When the BMI is at a ‘misery’ level, future returns are very good
Recently the Bitcoin market had a major hit losing up to 27 percent of its peak value $11,675 and changes in crypto market regulations, suspension of cryptocurrency exchanges in Japan worsened the situation of the market.
But soon after the expert’s from Wall Street commented cryptocurrency market started re-strengthening from the hit and not only of it but the others that follow it.
Since Friday, Ethereum rose 7.34%, Ripple 6.71%, Bitcoin cash 7.51%, Litecoin 11.03%, NEO 9.55%, Stellar 8.14%, Cardano 8.44% and Monero 9.12%. All the top one hundred cryptocurrencies rose in price and the crypto world capitalization market rose USD $ 40 billion in just 24 hours, going from around USD $ 344 billion to more than USD $ 386 billion.