The crypto progenitor isn’t down and out just yet.
After Bitcoin’s spectacular peak and equally spectacular fall from grace in early 2018, many people who were casual observers or investors in crypto decided to call it quits. This makes perfect sense of course; no national government could ever justify their national currency fluctuating nearly as ridiculously as Bitcoin and other coins tend to. That being said, there are still many who are active in the cryptocurrency space, and there are enough people investing that Bitcoin remained relatively (and we must emphasize RELATIVELY) stable after the crash. Interest in the cryptocurrency space hasn’t nearly died out yet, however, even if the topic isn’t nearly as widely discussed as it was in 2018, when Bitcoin and the broader cryptocurrency space took a brutal hit.
Bitcoin has now shot up past the $7,500 mark once again, and the first major cryptocurrency seems to be shooting up once again. As of Monday morning, Bitcoin’s price is just over $7,700 and has gone through a 24-hour change of 10.70%. Bitcoin (BTC) is going up, according to analysts, but in the form of a nasty uptrend which could easily test the $8,000 mark soon enough. Bitcoin began the year at under $4,000, and most other cryptocurrencies have followed the same patterns as Bitcoin. Going forward, Bitcoin isn’t expected to become any more or less predictable than it currently is, but this crypto rally may continue for some time.
Of course price isn’t the only factor to consider regarding Bitcoin’s wellness. The leading cryptocurrency is still widely used and accepted by many merchants, although some countries have absorbed crypto much more so than others. Going forward, it’s certainly cryptocurrency’s underlying blockchain technology which will continue to be researched and applied in different ways. Bitcoin itself is often used as a simple form of remittance, and as such will continue to be circulated. Bitcoin is also often used as a high-risk method of storing wealth which is not legally recognized and therefor not taxable (with the exception of fiat currency profits made from selling Bitcoin, of course). Whether Bitcoin will expand or contract in terms of widespread use has yet to be seen. Due to the continuing interest in Bitcoin and the uses of its underlying technology, it’s fair to say that it’s not dead at this moment.