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The future of Bitcoin is quite unpredictable at this point. Academics say that Bitcoin might not last much longer if its price continues to fall this rapidly. Some critics have even joked about BTC's falling market value and have said that the price of the token might soon fall down to US$0, making cryptocurrencies obsolete as an investment asset, even though Bitcoin is the underlying technology behind most cryptocurrencies. It is essentially a digital ledger of virtual currency transactions which is distributed across a global network of computers.
Bitcoin's price recently fell down to US$18,000 from its all-time highs of US$68,000 which makes it one of the most volatile cryptocurrencies in the market. But the competition might yet not be over for BTC because most investors who still believe in BTC's cause continue to buy the dip. A few days ago, experts estimated that the number of Bitcoin wholesalers has risen to new all-time highs, which indicates that BTC is surely not going to lose its prominence anytime soon.
The price of bitcoin and several other leading cryptocurrencies have been on a downward trajectory so far in 2022.
Rising inflation and interest rates have caused the cryptocurrency to fall along with stocks and shares as investors dial down the risk they are taking on.
The bitcoin price is less than US$19,000 on 01 July, according to data from Coinbase*. That's a long way from the all-time high of US$69,000 seen in November.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
