Bitcoin turns 10 today as the crypto analyst and enthusiast, Joseph Young congratulates the representatives for bitcoin over such a dominating decade for the crypto, starting from being barely a source of transactions leading to today when we are considering mass adoption. Young ponders over other cryptos and compares those to bitcoin that the other cryptos are mere bootlegs and cannot replace bitcoin, any single bit of it. Bitcoin, as per Young is the most powerful to resurface after a devastating bear market and still go on swinging again. The most recent bear market has been the most unpredictable of them all but still bitcoin manages to jump back and shake off the affects that might have been adverse enough to wipe out other cryptocurrencies. BlockPublisher got to talk to Young as he celebrated the auspicious event of the birth of the legendary cryptocurrency that led way to the entire crypto world we see today.
Today being the 10th Anniversary of Bitcoin, let us recall the bear markets bitcoin has managed to surmount and get back even stronger. This can be grasped from the fact that bitcoin was $970 back in January 2017. With each bear market, comes infrastructure strength, increase in the number of developers and companies, and an increase in the hash rate.
As per previous records, we can view that in February 2017, bitcoin was more low at $759 which is another hint that bear markets allow the cryptos to regroup and come back as a defiant force. Though with bitcoin being the juggernaut, this case gets magnified manifolds. Bear markets are a time for the investors to get entangled into the crypto markets as they buy their ways in. Bear markets similarly are also the periods of dormancy for the crypto when it can recollect the experience and mould itself into a new existence as a butterfly emerge out of a cocoon.
The factors that allow the crypto to emerge out, a butterfly, not a lifeless moth, are the increased strength to tackle further bear markets, increase in the developer force as well as the companies and the hash rate. Young’s statement summoned many crypto followers, one of which stated,
Hashrate grows mostly due to ASIC manufacturers moving to newer fabrication techniques (much like cpus and gpus getting faster every year). This year because bitmain failed their die strink we are seeing a decrease in hashrate as miners shut down older machines.