The Crypto Slump: Are We Over The Hump?
As we all know, the past half a year has been a little rough for the whole cryptocurrency market. Well, actually, really rough. Recently, the situation seemed a bit better. Will the prices bounce up, or drop once again?
Recently, in the B24’s opinion, we wrote about the crisis in Venezuela and how cryptocurrencies only made it worse. Today, I want to put the focus on more of a global topic rather than a local one. The crypto market. This industry as a whole has been experiencing more downs than ups in the last half a year or so. But is a few-month slump a reason to sentence digital assets to death? Some think yes. I disagree.
This whole crypto crisis happened when we least expected it, that’s for sure. Right after the 10th year anniversary of Satoshi Nakamoto’s manifesto, Bitcoin started to drop, and other cryptos along with it. Why? Well, because they are often paired with BTC on various cryptocurrency exchanges all around the world. When Bitcoin falls, it drags many other cryptos down as well. So all prices basically began to decrease. But even before autumn, the situation on the market wasn’t very good, unfortunately.
Obviously, when talking about the cryptocurrency crisis, everyone’s eyes were mainly on Bitcoin. It may seem that after a decade, our 5th grader is entering its teenage years and making it hard for everyone around. While new cryptos are popping up like mushrooms, Bitcoin has always been the mainstay of this whole industry. That’s why its fall hurt the most.
So, let’s think. What do we do now? From the historical over 19,000 USD to just above 3,000 USD. If you asked me a couple of months ago, I would probably say that it would be logical to buy bitcoins now and wait for the next big boost. But as of right now, after another slight increase (to around 4,000 USD), Bitcoin doesn’t seem to enter another rapid growth phase. Actually, the prize has been pretty much still, with small differences, since the New Year. That doesn’t bode well.
But I choose to believe that it really is just a temporary situation. Like with fashion, technology and tv series, we like to come back to things we used to once love. We are quite a sentimental species. Just look at high-waisted jeans and video games from the 80s. A few years ago it would’ve been the lamest thing to go out in those, or to play Super Mario. Now, they’re one of the hottest trends. Well, let’s just all hope it won’t take people 30 years to fall in love with cryptocurrencies all over again.
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