This could sound far-fetched but with the current cryptocurrency drops, no is isolated. Bitcoin (BTC) price drop is cutting across the entire digital market and the situation might remain bullish to a point when BTC will be trading at $5000. With reduced adoption and scientism from speculators the current price of 7156.58 might plummet even further.
With the recent drop below $ 7000, many enthusiasts are beginning to thing Bitcoin is over-valued. However, the drop in adoption rates and onboarding of new Altcoins with new value propositions could be eating the BTC gains of the past. Many Bitcoin holders are still holding on to it with the hope that recovery is happening soon.
Old and New Bitcoin (BTC) Holders
Let’s have a close look at when you bought your Bitcoin and the price you bought it at; for those who adopted the coin under $5000 have no worries. Those who bought it at $12000 have every reason to worry. These two adopters might not have a meeting point soon and should worry the entire market as well.
There are Bitcoin holders who are riding on the past gains and should be worries as to how low the price will drop. With the current adopter is faced with a declining value, regulation uncertainty and taxation which might complicate the coin recovery. Could this mean other Altcoins are benefiting? Well, the market is yet to show the signs.
Bitcoin (BTC) holders who used credit cards to purchase the coin are still concerned with double loses. They are losing on the digital currency and still struggling with the interest rates. Banks are not crypto friendly and when it comes to interest settlement, it becomes business as usual.
Exploring the Better Option other than Bitcoin (BTC)
This might not be the right time to seek further redress by buying into other digital currencies. The ICO’s also seem shaky and might take a few months before you see clear recovery trends. However, this is a volatile market and only strong risk takers survive. Any disposable funds need to be invested sparingly with an eye of appreciating coins.
New cryptocurrency investors are on the loose. Whatever cryptocurrency, Altcoin or ICO you are backing, you are likely to get for cheap. The trends might not change overnight but for a near term. If you are looking for a coin worth it now, it might take you sometime before you buy or prices look north.
Current cryptocurrencies are focused on solving real life problems and focused on doing it with speed, transparency and securely. These tend to negate Bitcoin as the benchmark; instead, each coin has its pros and cons. You need to know what motivates you in a coin of your choice and forget the Fear of Missing out (FoMo) syndrome.
Future of Bitcoin (BTC)
The current drop and gains across the cryptocurrency market is not a new phenomenon. This is the true face of all digital currencies. The prices can drop further or bounce back in a few minutes. Investors have the tendency to put more hopes on what they are investing in and classify the rest as “others”. With low interest in new adoptions, it could be a wait and see period of a few months before the market forces give direction to both users and adorers.
Speculations and social media might complicate the current Bitcoin (BTC) struggle to recover. This could mean holders selling off their BTC and looking for smaller coins to invest in. with so many partnerships between Altcoins and companies of repute, there is still hope.
Bitcoin (BTC) has a global appeal and listed in all major exchanges. Converting fiat into digital coins requires to either changing it to BTC or ETH to access some services offered by other coins and ICO’s. This makes the value of BTC to increase however slowly but it is an essential part of the crypto-sphere.