Why is Bitcoin routinely claimed to be dead?
The cryptocurrency market began rather unspectacularly with the release of Bitcoin (BTC) in 2008. The enigmatic Satoshi Nakamoto unveiled the Bitcoin White Paper to rapturous applause from tech aficionados and blockchain enthusiasts. At inception, this digital currency and its peer-to-peer payment system was worth mere fractions of a penny on the dollar. Within a decade, Bitcoin enjoyed a spectacular surge to superstardom, briefly breaking through the critical $20,000 per unit BTC barrier, before plunging spectacularly to its current price range.
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The cryptocurrency market exploded in Q3 and Q4 2017, before being likened to the Tulip Bubble of the 1600s (1636 – 1637). Consider that the price of Bitcoin in January 2017 was hovering around $1,100 per unit, and by December 17, 2017, the price had been recorded at $19,783. At its zenith, the market capitalization of digital currencies quickly reached around $800 billion with an estimated 2,000+ cryptocurrencies operating across 16,000+ markets. Nowadays, Bitcoin is trading at approximately $3,850 per unit (subject to extreme volatility), with an estimated market capitalization of $67.7 billion.
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What Has Happened to Bitcoin and Where to Next for Crypto?
Traders and investors are rightfully concerned about the value of their cryptocurrency investments since 2018. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS and Litecoin (LTC) dominate the top 5 positions in the cryptocurrency market. Combined, they comprise $101 billion of the $130 billion cryptocurrency market capitalization, or 77.7% of the market share. Bitcoin makes up 52% of the total market capitalization at $67.7 billion. Yet, despite the downturn, significant investments remain in the cryptocurrency market. Many traders – particularly late-stage traders (from 2017/2018) have cashed out, believing that the cryptocurrency market has run its course.
There are several reasons for the decreased popularity of digital currency investments among the mass populace:
The hype has faded. 2017 was a bumper year for Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Stellar Lumens and dozens of other emerging digital currencies. However, just as quickly as mass interest began, it faded. The hype around digital currency remains in pockets around the world, but the trading volumes necessary to sharply drive up prices has been suppressed.
Increased pressure is being brought to bear on trading activity by governments, regulatory agencies, and tax authorities around the world. For example, the IRS has notified leading cryptocurrency exchanges that full reporting and disclosure of account holders is mandatory. Crypto profits and losses must be reported on tax return forms.
Security breaches at multiple exchanges over the years have degraded investor confidence in crypto assets. This serves to drive down demand and with that, prices.
That’s Just One Side of the Bitcoin Pricing Conundrum
It's hard to predict financial instruments with any degree of certainty, or accuracy – particularly with digital currencies. These are perhaps the most volatile of all the financial assets in the world. They are more volatile than Forex (fiat currency) which is backed by reserve banks and predicated on the economic performance of countries around the world. Cryptocurrency is independent of all economic systems and institutions; it is its own entity and was designed to be that way. Cryptocurrency typically functions on blockchain networks, although this is not always the case. The underlying technology behind cryptocurrency is particularly exciting, given all the advances that are taking place for transferring value from one party to another.