A topic we have repeatedly covered over the past several weeks is how crypto continues to falter. Crypto Is Still a Tough and Resilient Industry The price of bitcoin, for example (the world’s number one cryptocurrency by market cap), has fallen from its all-time high of ,000 per unit achieved a year ago into the low K range at the time of writing. This is a dip exceeding 70 percent, while the crypto space has lost a total valuation exceeding trillion at this point. It’s a sad and ugly sight, and one that’s irking a lot of traders – people who threw away everything to give this space a chance and prove themselves as true BTC believers. These individuals and others are likely feeling a little sorry for themselves and kicking themselves in the behinds for taking
Topics:
Nick Marinoff considers the following as important: Bitcoin, Bitcoin News, crypto, economy, News, Opinion
This could be interesting, too:
Wayne Jones writes Bad News for Crypto? Elizabeth Warren to Succeed Sherrod Brown on House Banking Committee
Wayne Jones writes Major Boost for Crypto as Pro-Blockchain Candidates Dominate 2024 Election Races
Wayne Jones writes South Korea’s Crypto Investor Base Increased by 21% in 2024 H1: Report
Wayne Jones writes dYdX CEO Declares 35% Workforce Reduction
A topic we have repeatedly covered over the past several weeks is how crypto continues to falter.
Crypto Is Still a Tough and Resilient Industry
The price of bitcoin, for example (the world’s number one cryptocurrency by market cap), has fallen from its all-time high of $68,000 per unit achieved a year ago into the low $19K range at the time of writing. This is a dip exceeding 70 percent, while the crypto space has lost a total valuation exceeding $2 trillion at this point. It’s a sad and ugly sight, and one that’s irking a lot of traders – people who threw away everything to give this space a chance and prove themselves as true BTC believers.
These individuals and others are likely feeling a little sorry for themselves and kicking themselves in the behinds for taking such initiative, but we need to look at the situation through a clear lens. The fact is that while it might be okay to be disappointed about crypto, it’s not okay to be disappointed in crypto. There is a big difference, and here’s why.
Crypto, as we all know by now, is not some magical remedy. It is still widely considered to be a birthing industry that is volatile and speculative and prone to many of the same market trends that can affect stocks and related assets. There’s even ongoing correlation between the two. If sentiment about the economy is good, the prices of digital currencies will likely expand. If sentiment is negative, there will be dips recorded to the books. We’ve seen this repeatedly over the last several years.
What crypto is going through right now is not something we should be all that surprised about. While it’s upsetting that prices have crashed to such a degree, this is something we’ve seen before, such as in 2018 and 2015, but guess what? Those years didn’t last forever. Each time, crypto endured a comeback that allowed it to rise through the ranks and hit some new goal that analysts never would have expected, and we can’t lose faith that the same thing will happen again.
We Just Need to Give It Time
Crypto is a solid industry, but it’s not built on concrete or reinforced steel. It’s a tough situation because the industry is still quite new at only 13 years of age, but we still need to be patient and give the arena time to find its footing.
With the economy being what it is today, the state of crypto is likely to remain shaky for a little while, but this doesn’t mean crypto has failed, nor has it failed us. If anything, it’s proven rather resilient in some ways (after all, it hasn’t disappeared completely), and those that keep the faith and continue to support crypto will witness another solid rise to the top.