The cryptocurrencies saw one of its best bull runs that began late in 2002, when the coronavirus pandemic huit the world. It was worth seeing that the speed with which the coin was seeing an upsurge was unprecedented Then came the Gamestock revolution that was begun by the redditors and everything changed after that. Not because the cryptocurrency was seeing another rise, but because the coin was about to see one outfit’s biggest fall. Understand it this way.
There was a time when The tech mogul Elon musk was backing bitcoin the currency of tomorrow and also took dogecoin to new heights. Elon also publicly stated that he will take Bitcoin as a legal tender for payments in his firm tesla. This was big news as it was natural for the firm to buy a good amount of bitcoins. The firm stated that they had invested more than $4 billion in the asset. This led to a wave of a bull market that no one really saw coming.This was the first part of the story.
Cut to China, the epicenter of the pandemic and also the largest hub of crypto miners. The government banned the use of mining softwares,citing environmental hazards that the heavy setup causes, being used constantly. This was after Elon Musk again tweeted that he will not take the coin as a legal tender. Again, citing the environmental hazards.
These two pieces of economic news took the cryptocurrency and made it fall on its face.
Now, things have changed a bit. An actuarial consultant working with JP Morgan Chase has predicted that bitcoin’s bull run is around the corner again. The analyst has mentioned that if a few conditions are met, then the coin will see a rise again. In an interview that was later televised, the expert explained why he thinks that the current bear run is about to end.
The foundation of this prediction is an indication that a lot of traders are taking their funds out of bitcoin and putting them in some other cryptocurrencies. This Is the exact reversal of the trends that were seen in april this year. This was when the crypto market completely crashed. The experts believe that the dominance of bitcoin in the overall cryptocurrency market cap is around 45%. They also believe that once this threshold hits the 50% target, that is when the reversals will begin to reflect again. As we write this, the coin is being traded at around $34K with an all- time of $66K.
“There has been a divergence between Bitcoin and other cryptocurrencies. There was also some institutional interest from Bitcoin and etherium back in April. Now we are seeing the opposite,” the analysts stated. This, with an active redirection of funds suggest that the recent price of the coin is bound to attract the investors.
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Bottom Line
Trading in cryptocurrencies can often be dangerous for novice traders but if the traders have a good experience of the volatility that the market possesses.
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There shall also be full research done at the trader’s end that suffices the fact that they are about to invest their hard earned money into something they know a lot about.
