IS THE RECESS IN BITCOIN ACCOMPANIED WITH A PUMP
Recently I really can’t define the Bitcoin trade any more with the current happenings at the current trading mark thought it’s will a good year for Bitcoin, it’s very unbelievable that Bitcoin which was trading at sixty-nine thousand dollars ($69,000) a few weeks back we are currently seen it at forty-three thousand dollars. Analysts had published that Bitcoin has reach it’s low since 2018, with the market capital at 37.28%, questions are been asked is it that the giant is about to fall? Or investors are looking for other alternative tokens which simply means other tokens outside Bitcoin.
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The present situation of Bitcoin can be attributed to the low demand of it, as retail investors are not interested in buying in to get rich, it’s more favorable to Institutions such as microstrategy, Tesla, or Square as their buying rate are at least one Satoshi of the aforementioned token. Alternative tokens on the other hand tends to bring in large investments and the gains are very attractive, for example with the past movement of the Shiba Inu token saw so many Large holders of the tokens in massive profits. Last year 2021 alternative coins such as meme coins out performed Bitcoin which coins like Shiba Inu went as far as over 10,000% which was accumulated from January to December, which could practically explain bitcoins present market state.
2021 also saw the development of decentralized finance and NFT market has also plunged Bitcoin because it is not existing on Bitcoin. The release of DEFI projects which is like practicing the automate bank like services which increased the raise of some cryptocurrencies, the Non fungible token which have become more popular which aids collectors in buying and selling audios,digital arts over blockchain networks.
Both decentralized finance projects and Non fungible projects in the fourth quarter of last year actually out performed Bitcoin with the development of Ethereum based network projects, which has helped in the sustainable nature of Ethereum market growth in despite the dip.Both Ethereum and Bitcoin which are the two largest digital asset according to market capitalization are seen to have a slow start this year, like wise other alternative tokens like FTM which just hit the 3$ mark on Tuesday seen holders in profit after the fourth quarter dip. Seems the market is recovering, speculations tends to have it that before the end of first quarter of this year we might see at a 5$ mark.
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