A Year into Crypto’s Colossal Crash, Will the Bitcoin Bubble Ever Recover from Its Severe Price Slump?
Bitcoin hit new price bottoms in November, and has suffered a slow but steady decline since then. This week, the cryptocurrency has fluctuated between $3100 and $3500.
A few months ago, no one would have said this was possible –except for the likes of “Dr. Doom” and hardcore bitcoin antagonists. But, that’s the reality now.
Depending on your perspective, bitcoin’s current price is either great or terrible. For those who bought when it was still really cheap –think anywhere from $10 to $300- it’s still going great.
But, for those who bought when it was at over $10k, its recent prices are absolutely alarming. Bitcoin’s current prices are depressing, considering that it briefly crossed the $20k mark, sometime in December, 2017.
Of course, this was largely fueled by speculations, resulting one of the world’s biggest economic bubbles. Unfortunately, many people are worried and downright distraught at its current prices, with many becoming borderline desperate.
Naturally, we’ve seen many coin holders, who aren’t familiar with bitcoin’s history, dump the token like hot lead, licking their wounds in the process. These actions, followed by so much negative outrage show how far the world has come from the days of its high price jumps and humble beginning.
Yet, in spite of its current poor performance and crash in value, there are still individuals who believe it will recover and put them on a faster path to wealth. In fact, there are many who are advocating that retail investors and traders buy it up now, in the hopes that will recover in the not too distant future.
Bitcoin really represents so many things to many people. For some, it’s a tool that will start the next global revolution. For others, it’s an excellent tool for fraudulent activities –something that many countries are actively working to clamp down on it.
For big institutional finance and investors, it is a real asset that they can get behind and offer to their clients as a service, sometime in the future. At the end of the day, bitcoin’s multifaceted nature has been a key source of attraction and wariness.
At the height of the crypto frenzy in 2017, there were companies who saw their share price jump by simply changing their names to something with blockchain in it. The Long Island Iced Tea company did this and enjoyed a significant price jump. They’ve reverted to their old name now, after the market crashed.
Many promoters and influencers were handsomely rewarded –many of them in fiat currencies ironically- for promoting bitcoins and other cryptos. Bitcoin and the crypto market as a whole, has gone through so much turbulence, it’s surprising that it’s still standing.
Now, more than ever, there’s a growing concern about bitcoin’s ability to survive this extreme bout of bearish trend. If the past is anything to go by, then it just might be possible that it will survive it. But, there are serious doubts, considering the ginormous amount of money lost to this “bubble” –above $700 billion.
It’s not just that, the blockchain industry is experiencing an unprecedented growth rate, an event that’s seen career database administrators and programmers, switching to blockchain as a career option.
Whatever the case, bitcoin’s 10 year existence has shown that it always rallies. Of course, this is the worst it’s been in years, but overall, the coin isn’t doing so badly. Will the cryptocurrency recover? We don’t know yet –no one does. We’ll just have to wait and see.