Bitcoin is the number 1 cryptocurrency in the market. Its price dance in various charts across different websites is one of the most viewed things in the world. It was first introduced into the market by Satoshi Nakamoto in 2008. It is currently the most popular cryptocurrency in the world.
During the last week, Bitcoin has created a big surge in the market even going above 72K. But now, the coin is rapidly declining. In this article, we will look into this decline and the various reasons that may have led to it, and also about the coin’s future.
Bitcoin’s current market analysis
Bitcoin is currently trading at $69,369.70 and is rapidly declining. Last week as social media was trending with the US Presidential Election, Bitcoin was on a rally with the price almost reaching its all-time high. A lot of people thought that this was the starting a new era for the coin.
However, in the last 24 hours, the coin’s price went downhill rapidly. It all started on the 30th October. During that time, the coin’s value experienced a sudden downpour. It is continuing even now (at the time of the article’s writing).
Bitcoin went down over $2K in the last 48 hours. This is huge as it is going to seriously impact the pricing of a lot of other cryptocurrencies in the market. We will discuss it later in the coming sections.
Factors affecting the Bitcoin decline
The bearish trend that Bitcoin is showing now can be due to various factors in and out of the market. But, a coin’s price is mainly determined by supply and demand. Since the supply of Bitcoin was not affected in the past 2 days, we can conclude that there was a demand shortage for the coin.
- Geo-political tensions
As various geo-political tensions are escalating day by day, nobody wants to get their hands on a volatile digital token. Almost everyone wants their hands on asset-based tokens that have a liquidity advantage over digital currencies like Bitcoin. This can be termed as one of the key factors that significantly affect the value of a token.
- Regulatory Pressure
As various geo-political tensions are escalating day by day, nobody wants to get their hands on a volatile digital token. Almost everyone wants their hands on asset-based tokens that have a liquidity advantage over digital currencies like Bitcoin. This can be termed as one of the key factors that significantly affect the value of a token.
- Effect of whales on the market
Whales are investors who hold a large number of cryptocurrencies. When they sell or buy such a bulk of crypto, they can significantly change the price of a coin including Bitcoin. This can greatly increase the volatility of the market.
Impact of Bitcoin’s fall on the crypto market
Being such a high-ranking crypto asset, in fact, the highest one, the coin’s price can have a significant impact on the market. The coin’s current market capitalization stands at 1.37 trillion. This is a huge amount especially when compared to other cryptocurrencies in the market.
Even if you put together the prices of the top 10 cryptos in the world excluding Bitcoin, you won’t reach it. That’s how much of an influence Bitcoin has on the market. Since its drop in the market, many other cryptocurrencies also followed suit. Ethereum, USDT, and BNB have all started signs of a bearish trend in the last 24 hours with Ethereum’s being the highest (5.26%).
If the current trend of Bitcoin continues, then we will further see the downfall of the prominent cryptos in the market in the coming days.
What’s next for the prominent crypto?
Even if the coin is showing, the future of Bitcoin is brighter than ever. With the world slowly transitioning from traditional to digital currency, the scope for the crypto market is extremely high. As such, we have put together a price prediction table for you, if you’re wondering about the coin’s price in the coming years.
| Year | Min Price | Avg Price | Max Price |
|---|---|---|---|
| 2025 | $ 91,647 | $ 134,290 | $ 177,384 |
| 2026 | $ 83,084 | $ 94,686 | $ 106,290 |
| 2027 | $ 76,303 | $ 79,495 | $ 83,832 |
| 2028 | $ 75,733 | $ 117,951 | $ 163,067 |
| 2029 | $ 117,048 | $ 225,940 | $ 305,028 |
| 2030 | $ 162,955 | $ 228,591 | $ 287,841 |
As shown in the above table, various tier-1 market analysts are predicting that the coin will cross the $100,000 mark by 2028. However, you need to keep in mind that the prices shown above are susceptible to changes in market trends and can vary accordingly. So, if you’re considering investing in the coin in its bearish trend hoping to earn when it shoots up, be cautious and conduct thorough research before doing so.
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