With Bitcoin at a record high of USD19,769.90 in December last year, compared to USD7,252.84 today, it has already gone down by 63%.
After the December boom happened, we see a lot of new ICOs and projects sprouting in the market attracting attention from investors, who started to move from Bitcoin to altcoins, causing a decline in the Bitcoin’s dominance.
Since the recovery, we see the price of bitcoin hovering about USD6,000 – USD7,000. During bearish trends, investing in altcoins tend to lose more in percentage than investing in Bitcoin. To save their capital, many investors began to convert their altcoins that were losing money into Bitcoin which is less volatile.
Is the Bitcoin bear market over?
The crypto market and the blockchain industry are still in early stage development, where the laws and regulations in every country have just started to make huge corrections and we believe more is yet to come before the industry matures.
With investors always on the look for the next best thing, the next unicorn, even when the recovery phrase starts, investors will again move their funds from Bitcoin to altcoins that they believe have potential. Despite more funds moving into the crypto market, we think that the green in the crypto market may not push the price of Bitcoin to new heights any time soon.
So will there be a “Bitcoin Bull Run” this year? Very unlikely.
With new findings of $1Billion Bitcoins on the move, where the owner transfers ~$100M to Bitfinex and Binance, the price of Bitcoin is very uncertain and unlikely bullish. (find out more in this Reddit thread.)
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