Bitcoin, the world’s largest cryptocurrency, has recently witnessed many ups and downs. The crypto market crash in the year’s first half lead to a massive downfall in its price, and the currency has failed to recover. Bitcoin’s price declined to the $17,500 mark in June; however, a two-month price rally shot the price near the $30,000 mark. The bullish factors couldn’t overcome the market’s dull fate as the price fell continuously over a week to reach below $22,000. CNBC reports that Bitcoin was 68% below its peak in November last year. Analysts have predicted several price patterns but have refused to reaffirm the same. Bitcoin’s market future is unpredictable at present.
Bitcoin’s market is not the way it seems
The crypto winter has arrived, and several experts are optimistic about a bullish period; CNBC quoted Edith Yeung, a general partner at Race Capital, who said, “In some sense, the ‘warm winter; is basically going to push out everybody who really wants to be there for short-term gain.” Web3’s introduction has fueled the crypto community, it allows a particular blockchain to produce tokens for its users, and the users must hold the associated tokens to avail of the services.
“I think there’s a whole generation of internet users who really believe that ‘you cannot monetize my data anymore… the internet should be owned by us.’ That’s why there’s such a push with crypto because the ownership of Ethereum or Solana is really the user owning that piece of token, which is only a piece of that internet.”
The crypto market has struggled in 2022
The crypto crash this year significantly degraded cryptocurrencies’ worth. Major cryptocurrencies like Bitcoin and Ethereum were the worst sufferers of the crash. The current global crypto market cap is $2 million below the peak figure. Several investors and crypto firms lost a fortune and went bankrupt.