Bitcoin’s price hasn’t shown much change in the last 24 hour period, it showed minor plunge midday but made a quick recovery and is currently being traded at $3,608 according to BlockPublisher’s index. Almost all of the major currencies have shown slight signs of greens with little growth percentages. BTC broke the $3,500 support with a minor value which caught the eye of some of the market experts who believed that this might lead to bad consequences for Bitcoin, but it soon recovered from the drop almost immediately. Jason Williams, the co-founder of Morgan Creek Digital tweeted recently today,
Broke 3500. This could be interesting. pic.twitter.com/dPCCL8QdDl
— Jason A. Williams 🦍 (@JWilliamsFstmed) January 22, 2019
The last quarter of 2018 proved to be very hostile for crypto as the bear market flooded the currencies with reds and the whole market cap dropped from around $300 billion to almost $120 billion (Press time). The cryptocurrencies lost 50% of their valuations across the board with BTC dropping from $6,400 to $3,500, ETC dropping from over $200 to merely $100 etc. The plunge is termed to be the longest and worst bloodbath that crypto has seen since its advent. But although the cryptomarket faced huge drops, the underlying technology saw the light of day. Blockchain has seen major growth in terms of partnerships with major companies (For example the partnership of LTC with UFC), a tsunami of startups flooded the technology bringing in use cases that intend to help the market with mass adoption, education relating to blockchain is being pursued and developers are pouring in. Layer 2 solutions for scalability are being implemented, regulations are being made, and consensus algorithms are being introduced for increased efficiency and decreased power consumption. Anthony Parker the blockchain strategist and founder of Cuberoot64 stated in this regard,
This digital winter has truly come for crypto, but Blockchain is going from strength to strength.