State of the Crypto Market

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You’ll agree with me that anxiety has taken control of cryptocurrency.

Like always, Bitcoin is controlling the market.

Despite the signs of its recovery, it can still fall lower.

Going forward Bitcoin can rise to new heights this year.

It can probably rise to $100,000……..

This rising could also propel other cryptos to higher heights.

Or, as said by an analyst, Bitcoin could dip as low as $20,000….

And altcoins could quickly climb higher.

I’ll reveal to you the reason why in a bit.

Firstly, let’s move out.

Records of Crashes

Here are Bitcoin’s largest dips.

August 10th to 19th 2012: Bitcoin fell by 56.3% following an investment fraud scheme called Bitcoin Savings and Trust whisked away with 150,000 Bitcoins.

The culprit was afterward given an 18-month jail term and compelled to pay $2.4million for damages.

Also from April 10th to 12th, 2013: Bitcoin dipped by 82.6%.

November 19th, 2013: Bitcoin dipped by 49%.

November 30th, 2013: Bitcoin dipped 86.9% following a ban placed on Bitcoin by China’s and Bitcoin exchange Mt. Gox experienced a huge hack.

December 17th, 2017 to December 15th, 2018: Bitcoin slipped down by 83.6%.

Presently BTC is down by 50% from its highest attained height.

Is it possible for us to witness another above 80% crash?

Of a truth for the past two years, monetary policies have favored crypto.

Currently, the Fed is spinning things in.

We must also note that the reason why crypto has been on top of our minds for about two years now is not mainly due to the Fed.

In diverse ways, electronics took control of the globe in 2020. Some said was the year that the internet “truly started”. The electronic world came to the center stage of our lives in 2020.

Examine what Crypto represents: digital property rights.

A lot of people later understood this in different ways in the past two years:

Digital assets rights are a larger deal than 99% of global realizes.

From 2017 to 2018, this was said:

Furthermore, the BTC and ETH will continue rising. And over 90% of other cryptos will be washed away.

No change has occurred.

Likewise in 2017….

Take-Home

We heard awesome predictions about NFTs and Doge coins. This was a clear indication of the market surplus.

Over 90% of the cryptocurrency market—dog coins specifically— will eventually become valueless.

The two different things about 2022 compared with 2018.

1. Possibilities of mass acceptance: No one uses the blockchain network in 2018. Today, blockchains are gradually finding use in Defi, supply chains, 3D modeling, and lots more unlike in the past.

Even if BTC dips to $20,000…. Public acceptance of any cryptocurrency could cause it to rise quickly

2. The possibility for BTC and ETH to become “risk-off” assets. BTC and ETH could move from “risk-on” to “risk-off” properties.

At least, Mike McGlone believes this.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.