From the time of its inception, Bitcoin became one of the most priced assets in the crypto market. It climbed from US $0.08 in 2010 to over US $ 68000 last year. Within a decade, it has grown like a cult and rose to great heights. This digital currency of choice has its meteoric rise different from any other asset, resource, or commodity. It made way for the growing crypto asset class and got a huge following and surged to its all-time high value of US $ 68,649.05 last November. The value of Bitcoin did not go straight up. In the last 14 years since the first digital currency got introduced, it went through peaks and falls, keeping all participants in the market excited and anxious. If you want to trade bitcoin now visit this site for a reliable profit of your crypto assets.
Bitcoin has fallen to its lowest price level within a month because of the optimism that spread through the worldwide markets after the meeting of the Federal Reserve vanished fast. Sellers came back in full force and drove equities and cryptos down. Even after price movements in the short-term, all risk-off mood among the participants of the market was a recurrent trend in 2022. The price of Bitcoin fell under the support level of $38500 after it failed to cross the resistance level of $40000. This crypto already lost 8 % within the last 24 hours. It is currently consolidating around $36500. In the last seven days, Bitcoin also reduced by 8%. It has been one of the worst falls for crypto in 2022. Now, this token is 10 % approximately more than its low in January this year. It is a far cry from the value it got registered in 2021 November.
The stock market dragging
- On 5th April the value of Bitcoin opened at $46614.
- But from then among little and slight recoveries its value fell to the closing price of $36230.
- The most volatile crypto Bitcoin’s decline has been considered as the usual ones by observers of the market provided that the cryptocurrency market follows the price movement of the stock market.
- As per experts, this largest crypto comes with a 24 hours trading volume of $35,046,532,955.
- Additionally, the dominance index of Bitcoin reduced by 0.3% to almost 42 %.
Some cryptocurrencies fall too
- In the same way, the majority of large cryptos’ value substantially declined.
- Ether saw a fall as high as 7.1 %.
- The biggest gainers, Solana and Avalanche following the US central bank’s rate hike, dropped as high as 7.2 % and 10 % respectively.
- As per the co-founder and chief executive officer of Mudrex, Edul Patel, there is a chance of Bitcoin falling below its current level.
- Bitcoin’s 24 hours selling volume increased a bit.
- Its support level rose to $32000.
- The same type of downtrend may be seen for many days.
- The rise in the rate of interest is the biggest risk for not only cryptos but also stock traders.
- Interest rates have already been increased two times this year by the Federal Reserve.
- It is expected to do it again to counteract too much inflation.
The mainstream acceptance of Bitcoin can be a continued catalyst for a price as many businesses accept digital currency as payment. The digital assets’ growing market and the Metaverse will all help in the crypto space’s momentum. It also includes the frequent volatility of Bitcoin. Regardless, the potential of Bitcoin is difficult to deny. In the 14 years from the time of its inception, Bitcoin exponentially climbed to great highs. Gold which is the closest comparable asset to crypto rose only 627 % in the last 100 years such as from the US $283 to the US $2060 from January 1921 to August 2020. As the market of crypto keeps on being volatile, Bitcoin is predicted to rise regardless of the worst financial and economic conditions. With the continuous fall in the price of Bitcoin, few investors have started to become very suspicious of such forecasts and shifted their focus to other available options of investment or other cryptos. Understanding what is ahead is challenging as of the different factors influencing the performance of Bitcoin and several crypto investors are very optimistic that it can be back to those levels the digital currency enjoyed at the time of its great days.
James is a great tech-geek and loves to write about different upcoming tech at TechyZip. From Android to Windows, James loves to share his experienced knowledge about everything here.
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