Nobody wants Bitcoin now! The golden days of BTC are over
Bitcoin is struggling to regain the place it lost in the market, and investors are now worried about it.
According to experts, bitcoin price is likely to see a surge in 2024 as it will start another halving period. The cryptocurrency market will continue to be volatile, as it is now, but bitcoin is expected to soar even under the most adverse economic and financial conditions. But currently, as the BTC token plunges even further, investors are quite skeptical of these predictions and are turning to other investment options, or perhaps other cryptocurrencies. The crux of the concept is that bitcoin is losing most of its investors, and it’s only a matter of time before it loses support from institutional investors as well. Even amidst these dire crypto conditions, there are still plenty of investors who believe that Bitcoin will definitely become the currency of the future. Bitcoin is the most volatile cryptocurrency in the market and analysts say these types of pullbacks are pretty normal given that the cryptocurrency market now follows stock market price trends. If you want to invest in bitcoin right now, be sure to consider all the profound risks that come with this cryptocurrency.
In 2021, El Salvador became the first nation to adopt bitcoin as legal tender, which had incredible impacts on the entire crypto market. The BTC token hit all-time highs, surpassing US$67,000. Its growth was so dramatic that it pushed the market capitalization of the entire global crypto market to exceed US$3 trillion for a short time. But at the end of 2021, bitcoin fell into a deep sleep, dragging down some of the most important cryptocurrencies in the market. As disappointing as it is, this market downturn has also been accompanied by regulatory concerns. Most governments are wary of the risks of investing in cryptocurrencies, hence the need for policymakers to explore the depths of the market and regulate it to make it a safe place for investors. But as positive as that sounds, investors fear that government intervention could ultimately lead to the centralization of these digital assets, which would lead to widespread market crashes where bitcoin struggles to regain its lost glory.
Bitcoin loses its glory
Currently, Bitcoin and Ethereum, the largest crypto-market currencies, are struggling to bounce back from their downtrend in price. Financial experts believe the cryptocurrency market is following trends in the stock market, which also saw a tech-related sell-off earlier this week amid results from big tech companies. At the time of writing, bitcoin is valued at $39,551.24, according to Coinmarketcap. At the start of the month, around April 4-5, bitcoin broke through the $45,000 resistance and headed towards $48,000. Key indicators indicated that bitcoin would continue to soar, and predicted that April could be a better month for BTC. But instead, the cryptocurrency continued to fall, making investors very worried about its future prospects.
Should you invest in bitcoin right now?
It is obvious that Bitcoin needs more support from its developers and investors. Experts believe that if Bitcoin does not regain its lost market value, Ethereum could soon overtake BTC to become the biggest cryptocurrency in the market. The launch of the Ether “Merge” upgrade has been postponed to the third quarter of 2022. Read also: ZRX boosts the Coinbase market: Will the price of ZRX soon increase by 100 times?. But the competition will be tough after this launch and bitcoin must prepare for it. Because if it does not, it will be extremely difficult for BTC to remain the number one cryptocurrency in the world.
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