Bitcoin hit new highs in November, and has since suffered a slow but steady decline. This week, the cryptocurrency ranged between $ 3100 and $ 3500.
A few months ago, nobody would have said it was possible, except for the type of "Dr. Doom" and hardcore bitcoin antagonists. But this is reality now.
Depending on your perspective, the current Bitcoin price is big or terrible. For those who bought when it was still very cheap – think anywhere from $ 10 to $ 300 – it's still great.
But, for those who bought when it was more than $ 10k, its recent prices are absolutely alarming. Current Bitcoin prices are depressing, considering that it briefly crossed the $ 20k sign, sometimes in December 2017.
Naturally, this was largely fueled by speculation, resulting in one of the biggest economic bubbles in the world. Unfortunately, many people are worried and completely upset at their current prices, with many becoming desperate.
Of course, we have seen many coin holders, who are not familiar with the bitcoin story, download the token as a hot lead, licking their wounds in the process. These actions, followed by so much negative indignation, show how much the world has come since its high price jumps and humble beginnings.
Yet despite its current poor performance and value crashes, there are still individuals who believe they will recover and put them on a faster path to wealth. In fact, there are many who claim that retail investors and traders buy it now, in the hope that they will recover in the not too distant future.
Bitcoin really represents many things for many people. For some, it is a tool that will start the next global revolution. For others, it is an excellent tool for fraudulent activity – something that many countries are actively working to repress them.
For large institutional finances and investors, it is a real asset that they can obtain and offer their customers as a service, sometimes in the future. At the end of the day, the multifaceted nature of bitcoin was a key source of attraction and caution.
At the height of the cryptic frenzy in 2017, there have been companies that have seen their share price jump simply by changing their names into something with blockchain. The Long Island company Iced Tea has done this and has enjoyed a significant price jump. They are back to their old name now, after the market has crashed.
Many promoters and influencers were handsomely rewarded – many of them in ironically fiat currencies – for promotion bitcoin and other encrypted ones. Bitcoin and the cryptography market as a whole have gone through so much turbulence, it is surprising that it is still standing.
Now more than ever, there is a growing concern over the bitcoin's ability to survive this extreme bearish trend period. If the past is something to go by, then it may be possible that it will survive. But there are serious doubts, considering the huge amount of money lost to this "bubble" – exceeding 700 billion dollars.
It's not just that, the blockchain industry is experiencing an unprecedented growth rate, an event that saw career database administrators and programmers, switching to blockchain as a career option.
In any case, the ten-year existence of bitcoins has shown it always rally. Of course, this is the worst of the last few years, but overall, the currency is not going so badly. Will the cryptocurrency recover? We do not know yet, nobody does it. We'll just have to wait and see.