Bitcoin – “The Bottom Is Near”
After peaking at around $64,000 around a year ago, BT Series Bitcoin (BTC-USD) experienced an epic decline. The peak-to-trough drop has been enormous, amounting to approximately 76%. Many other digital assets have been hammered during this bear market phase, with some falling by 90% or more. Bitcoin became overconfident, and as the Fed tightened, Bitcoin deflated. However, Bitcoin is still very much worth something, and there is still a thriving cryptocurrency market.
As a result, the digital asset market is thriving. While it is experiencing a minor downturn, Bitcoin and other top digital assets are expected to recover and advance significantly in the coming years. Best Coins: Trough-to-Peak Declines Bitcoin (76%), Ethereum (78%), Litecoin (LTC-USD), Solana (SOL-USD), ChainLink (LINK-USD), Bitcoin Cash (BCH-USD), and ZCash USD (ZEC-USD). The Bottom Line Most major cryptocurrencies have fallen 75-95% from their 2021 highs.
Early Stages of Adoption
Bitcoin and other transactional currencies are still in the early stages of adoption. As the industry expands and develops, the path to mass adoption should drive prices significantly higher. This is approximately 6 million more users than a year ago and approximately 42 million more than in 2019 (a 102% increase). In conclusion, despite the temporary slowdown effect and subsequent bear market phase, Bitcoin is a valuable asset. Most readers know that Bitcoin has a limited supply of only 21 million coins. Approximately 92% of all Bitcoins have already been mined.
BTC gained around 1.5% this morning, potentially marking the first positive trading day in nearly a week.
The benchmark cryptocurrency currently trades at US$16,440, with a strong resistance level of US$17,000 and a support level of US$16,000.
Eth is also in the green today, having gained 3.5%, and is currently trading above the US$1,200 mark.
A major Eth resistance formed at the $1,220 level.
Investors fear further market volatility despite the gains after US cryptocurrency firm BlockFi filed for bankruptcy.
Gains can also be seen in large-cap altcoins, with Ripple (XRP), Polkadot (DOT), Polygon (MATIC), and BNB, all adding between 2% and 3%.
