Bitcoin has seen its price go down significantly in the last couple of years compared to what it was in 2017. In fact, it has almost joined the league with the likes of several minor cryptocurrencies that experience more volatility than Bitcoin.
According to reports, Bitcoin’s price plummeted down by 45% recently after one of its rival cryptocurrencies, Bitcoin Cash, failed to agree about its future. This triggered a sector-wide sell-off, putting the existence of various other cryptocurrencies into question.
The biggest question that the experts have in mind after the recent drop in Bitcoin’s price is whether a cryptocurrency will survive or not if this currency keeps deteriorating. Although it is far too early to predict that kind of future, hypothetically, even if Bitcoin ceases to exist, it will not lead to a complete shutdown of the crypto industry.
Investors now believe in investing carefully and not emotionally, due to which other currencies are gaining ground. As they say, one man’s loss is another man’s gain, and that’s exactly what the other cryptocurrencies feel at this moment.
There is no doubt that the downfall of Bitcoin will impact the market. When it went down below $3,500, it brought down some of the other currencies as well, such as EOS by 85%, Bitcoin cash by 95%, Ethereum by 92%, and Ripple XRP by 90%.
As already mentioned, investors are now far more careful in the currencies they invest in. They use trading indicators that predict where the market will be going in the next few hours. These indicators work on artificial intelligence.
With the top 10 crypto robots in business, investors now have that escape route to check the market conditions before putting their money in. In a situation where the market is going down, the investors will consider the price of other currencies instead of investing in Bitcoin.
This will give them the much-needed space to maintain their investment plans without having to wait for the market to improve. The silver lining to the constant downfall in the price of Bitcoin is that digital tokens that don’t usually come in the top ten currencies have accounted for 27% of the cryptocurrency market capitalization.
This shows that investors still believe that the crypto market will revive even if the price of Bitcoin doesn’t improve in the future. Tim Draper, one of the renowned venture capital investors believe that Bitcoin’s price will reach $250,000 by the end of 2022. According to his predictions, once more companies resort to cryptocurrencies, the entire global economy will change, and Bitcoin will be leading the way.
He also claims that although the market is volatile now, it will soon make up and recover almost two-thirds of the world’s currency value. Having said that, it is still not time to assume that Bitcoin will not exist in the future, considering its market value and the role it plays in the crypto industry. So, it is better to sit tight and use those trading indicators wisely.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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