Currently, at the time of writing, standing at around $5,462, bitcoin has seen a major 2.68% drop in its price over the past 24 hours. Just as everyone started predicted upper bounds like $6,000, $7,000 and $10,000 for the asset, bitcoin has taken a downward road. But before predicting only bad outcomes regarding the world’s leading cryptocurrency in terms of market capitalization, the thing here is to understand that markets never move in a straight line, whether it is the stock market or crypto.
Famous crypto influencer and the founder & CEO of Onchain Capital, a crypto investment and advisory business, Ran Neuner recently tweeted in the “backdrop” of this “pricedrop”:
The market was never going to go up in a straight line!
Although currently, the crypto market is showing major reds, the need is to not panic if you are a staunch crypto lover. The price might have been down just now but last night, bitcoin also achieved a major landmark crossing the $100 billion market capitalization level. As the host of the well-renowned crypto podcast “Off the Chain”, Anthony Pompliano, states:
They said Bitcoin was going to zero, but instead it hit $100 billion market cap last night.
The recent bull-run of crypto that is being seen from the start of this month is also different from the bull-runs that have happened in the past, points out Ran Neuner. While previous bull-runs mainly remained dependent on hype and speculation, the recent one has been based on fundamentals. Ran Neuner tweeted:
This bull run,though more controlled /calculated, is way more encouraging than the last one. Last time it was based on hype and irrationality- this one is less hype and much more about the fundamentals ,tokens that actually have use cases and are being used are rising to the top.
So if you are a crypto fan, the need is not to get discouraged by this recent drop. The crypto bulls and proponents are of the view that such drops are essentially ways to higher achievements. But based on the volatility and issues associated with the cryptocurrency world, nothing can be said for sure where we might end up from here on in terms of bitcoin’s price. Some are even suggesting that we might see a drop to the $4,600-$4,800 range before going up again, so $6,000 still remains in probable sight.
Whether it goes up or down, bitcoin has surely attracted the eyes of various traders and investors towards itself. With so much uncertainty floating around, it will be exciting to see where it might end up by the end of this month.