Bitcoin’s Positive Indications Seem To Avoid Fruition As Price Stagnates
It’s generally been quite difficult for Bitcoin to go over the $4000 price and stay above it. Instead, the crypto has experienced consistent price fluctuations with Bitcoin recurrently surpassing the price but also dropping right back. Over a year ago, the price of Bitcoin hit an all-time high of over $19,000 but despite a lot of optimistic news coupled with investments and numerous ICOs by many firms, the price has been pretty flat for a long time and might not rise significantly, any time soon.
Some Market Specifics
Sometime last month, the price of Bitcoin started around $3,400 and had risen a bit since then. This was good news for the crypto because, for about six months, Bitcoin pretty much-lost value consistently.
However, it would seem that the significant purchase behavior most people had for Bitcoin seems to be reduced considerably. If it reduces furthermore, it would become almost inevitable that more and more people would be looking to dump their funds.
According to Mike McGlone, a Bloomberg Intelligence analyst:
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”
Loss In The Cryptocurrency Market
It is estimated that at least $400 billion was lost in the cryptocurrency market over the last 12 months. This is because a lot of adoption and other plans for most of the financial world to incorporate cryptocurrencies have experienced significant stifling even though a good enough number did come to pass.
According to Mati Greenspan, a Senior Market Analyst at eToro:
“The question of mass adoption of cryptocurrencies is one that has been pondered by many industry advocates and certainly is not without its hurdles.”
Adoption Of Cryptocurrency
However, Greenspan goes on to speak about adoptions that have already occurred.
“Starbucks is planning to accept bitcoin through Bakkt by the end of the year. Birks Group in Canada has already started accepting bitcoin for Jewelry in some stores. Rakuten in Japan is also reportedly setting up an option for crypto payments that could go online soon.”