Bitcoin Celebrates The Anniversary Of ATH
Yesterday, the cryptoindustry celebrated the day of cosmonautics. A year ago, the Bitcoin (BTC) rate reached a historic all time high (ATH) of $ 20,000 on most cryptocurrency exchanges. However, today BTC rate $ 3,500 is almost 6 times less. What should we expect in the future? Let's figure it out together.
On December 17, 2017, a Bitcoin flight to the Moon took place, the coin managed to reach unprecedented heights, however, unfortunately, it was unable to gain a foothold in the BTC space. Together with Bitcoin, many other cryptocurrencies went on a long journey, their capitalization level at that time reached $ 814 billion. Now this figure is only $ 112 billion.
Many members of the cryptocurrency community celebrated a significant date with enthusiasm, but, as usually, there were pessimists. Among them was the director of the investment company Euro Pacific Capital, Peter Schiff. He said that Bitcoin hodlers do not want to admit the end of the bull trend and amuse themselves with baseless hopes that the trend in the digital asset market will soon change.
According to Schiff, Bitcoin will die young. The coin is not suitable for use as a means of payment and does not have the characteristics inherent in the means of savings. Schiff is sure that BTC has no prospects, so the death of the coin will come in the next 10 years.
Cyberpunk and cryptocurrency fan, Jameson Lopp, reminded people of the great Bitcoin mission - to change the world. He believes that the rate of cryptocurrency is not the main indicator of the digital asset value. In his opinion, Bitcoin's assessment completely depends on a specific person: for an economist, BTC is an economic system without levers, for an ecologist, Bitcoin is a monster that consumes energy in non-measured volumes, for a cyberpunk BTC is a guarantee of confidentiality, and for a liberal, freedom.
The Bitcoin rate drop has a punitive effect on its hodlers. Traders who make short-term investments are all right. Volatility level, as before, allows to earn money on the exchange therefore you should not bury BTC. Think about this figure: the daily Bitcoin volume is $ 6 billion. Can a market with such a turn die in the next 10 years? It is extremely doubtful. The time of the hodlers, most likely, has passed, to make money purely in the storage of cryptocurrency will not succeed. But you can always find new interesting options, if you wish.