Bitcoin has maintained a downward trend for the sixth month in a row judging from the virtual asset’s performance since July last year. This was brought to light by Bloomberg, who revealed that this trend is the first of its kind since the digital currency was developed in 2010.
Oldest Cryptocurrency in the Market Maintains Downward Price Trend
Bitcoin, the oldest and most popular cryptocurrency based on market capitalization and number of active addresses, has maintained a downward trend for the sixth month in a row. Based on reports, this has never been recorded since the virtual asset’s development in 2010.
Besides maintaining this trend, other popular currencies such as Ether and XRP have also been affected by bitcoin’s price. This is a digital asset that was trading at around $20,000 as at December 2017, but as at press time, is lurking around $3,463. Comparing both prices, one will agree that this is over an 80 percent decrement in value.
Bitcoin Devalues Almost 60 Percent Since July 2018
In the same vein, bitcoin’s price has also devalued almost 60 percent compared to its price in July 2018. BTCNN also reported on January 30, that the virtual currency was at its lowest price on January 28 based on a 30-day calculation. It was also revealed that its current market capitalization shows that $400 billion has been lost from the market.
While the crypto winter is still on, some investors have turned to other activities that may still yield profit, and one of such is staking. Here, one can store their funds in digital wallets, and they will be used to validate the creation of blocks on the blockchain. In return, they can get rewards for it.
Some Predict Bitcoin’s Positive Change in Price
Despite these trends, some people especially experts in the industry are hopeful that even though it may take time, something positive will still happen. The likes of Tom Lee, Fundstrat Global Advisors founder is reported to have maintained his stance that bitcoin will still get to $25,000. However, when that is cannot be ascertained. Lee also added that the coin is resilient given that for the number of times it fell over 70 percent, it was still able to recover.
BTCNN on January 31 informed of a survey conducted by Bitwise Asset Management and ETF Trends which reveals that 55 percent of financial advisors expect bitcoin’s price to reach $17,571 by December 2023. These advisors were the respondents of the survey, and they also revealed that their clients had asked them questions relating to cryptocurrencies.