Will Cryptocurrencies bounce back? What do you think? Well, you might think it’s a part of the future. But what if this prediction is far from right. Maybe cryptocurrency is a part of the past instead of the future?
Cryptocurrencies have dropped in value the last couple of months after hitting a record in April. Afterward, the cryptocurrency market has faced a series of global crashes. Now the big question is; will cryptocurrencies bounce back? or just get stuck in the past?
It looks like the entire cryptocurrency market is in a mini-market correction. After months of rapid growth, the crypto market is now falling as the majority of coins have dropped. As of October, the total cryptocurrency market caps were $142 billion, with a decline of about $70 billion in the last two weeks alone.
If you have been around the cryptocurrency scene for any amount of time, you’ve probably heard the phrase “Bitcoin bubble” used to describe price fluctuations.
Cryptocurrencies are becoming more widely accepted than ever before. Not only have major names in the IT industry like Microsoft and Expedia embraced them, but visitors to sites like no limit casino are increasingly using them while playing their favorite slots, scratch cards, and table games. Indeed, cryptocurrencies’ increased security, anonymity, and efficiency make them ideal for online gaming.
Which Cryptocurrencies Dropped?
The cryptocurrency market, on the other hand, has taken a beating in recent months. The values of most cryptocurrencies have fallen in recent years, with prominent people criticizing the market leader’s environmental credentials and national governments making historic decisions on its usage inside their borders. Will they be able to recover? To discover out, take a peek at the most recent happenings.
After months of rapid growth, the crypto market is now falling as the majority of coins have dropped. If you have been around the cryptocurrency scene for any amount of time, you have probably heard the phrase “Bitcoin bubble” used to describe price fluctuations.
The price of Bitcoin is currently at a value of $37,719. It has almost halved in value since it reached $64,000 in April.
The second-largest cryptocurrency Ethereum has also dropped in value as well as other popular coins like Dogecoin and XRP.
Ethereum is down by about 0.67%, trading at $2,467 at the time of writing, while Dogecoin is down 1.36% at $0.1951.
Dogecoin’s rival, Shiba Inu, is also down 1.65% at $0.00000614.
It all happened after a series of knockdowns, after peaking in April this year.
Tesla and China Strike Back with a Double Whammy
Until a seismic tweet from tech genius and Tesla CEO Elon Musk in May, the cryptocurrency industry had been growing stronger and stronger. Musk said; Bitcoin is no longer accepted in his business, due to the massive amounts of energy required by the technology to mine currencies and approve transactions. In the immediate aftermath of the news, the price of Bitcoin was cut by a third, and most other significant cryptocurrencies were affected as well.
Only a few days later, the market got some more negative news. Less than a week after Musk’s statement, the Chinese government announced that it would prohibit financial institutions from using cryptocurrencies, essentially making them illegal in China. Unsurprisingly, this resulted in a further drop in the value of Bitcoin and its peers, which have now been stuck at their lowest level in months.
Are They on the Right Patch to Bounce Back?
In the realm of cryptocurrencies, one thing is certain: uncertainty reigns supreme. While China’s rejection of cryptocurrency was undoubtedly a setback for the industry, El Salvador’s government declared the following month that Bitcoin will adopt as legal money in the nation within 90 days.
The tiny Central American country will now act as a test area on how cryptocurrencies might function in a real-world economy. It could serve as a model for other developing economies to follow.
Meanwhile, the impact of Musk’s comments in June will consider mitigated. Musk said that Tesla will resume taking Bitcoin once individuals engaged in the currency’s mining changed their methods to use less energy.
Now, the market has already begun to recover. The prices are stabilizing not just for Bitcoin but also for other cryptocurrencies. So it seems that crypto may recover in the short to medium term if it continues to perform well on a global scale and gets support from important minds.
While Bitcoin and other cryptocurrencies have had a tumultuous few months, there are indications that the situation is settling and their market prices are increasing.
After a long, painful bear market in cryptocurrencies, the crypto world is ready to rebound. Will prices soar to new highs this year? Is it too late to get in on the action? We’re about to find out.