With Bitcoin reaching sub-$4k levels, could we really be seeing the end of one of the crypto-world’s most popular assets? Is this really the end for Bitcoin? We all know that most emerging technologies suffer from growing pains and blockchain is no different, but it seems that Bitcoin is taking quite a bit of abuse in the market lately. While most of us waited for the price to go back up to it $20K days, it just kept dropping and our portfolios kept shrinking.
With Bitcoin currently sitting at around a $60 Billion market cap with each Bitcoin being worth around $3,500, the future of this heavily traded cryptocurrency doesn’t look good. Or does it? Let’s take a look:
It was back in Dec 2017 when the Bitcoin price surged to over $19,000 tantalizing the whole world but this seems to have been an anomaly as prices have steadily slid back down leaving many investors scratching their heads wondering when it will go back up.
Why was there such a large market correction since then? Four reasons:
· Many “Bitcoin Hype” investors left the market
· Negative media coverage
· Political and regulatory doubts
· Bitcoin was already sitting on a 2,800% growth in value
While there has been a lot of negative news about Bitcoin and cryptocurrency in general, much of it is unfounded and is a result of a consumer market which is unsure what to do about the blockchain. Do we try to understand it, or follow it blindly? Do we leave it alone, or regulate it? These are all questions that those who don’t understand the significance of the blockchain are asking, and of course the lack of knowledge then creates more intrigue leading to negative comments and that makes investors nervous.
So does all of this really mean that Bitcoin is really on its last legs? More than likely not! Bitcoin has had much worse years than 2018, with 2011 and 2013 standing out. Some experts even say that 2019 is the year that Bitcoin will make its comeback, but it isn’t clear if they even believe it. The fact is, there are many new alternative crypto assets hitting the market that are ‘purpose built’ and designed to offer more features and benefits that make using cryptocurrency easier to use and more widely accepted around the world.
One thing is certain, time will tell if the end of Bitcoin is near, but the world of cryptocurrencies is only just starting so watching the rise of new cryptocurrencies and seeing which ones stay and which ones simply pass by makes 2019 an exciting year!
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