Bitcoin is struggling to regain its lost market dominance, and now investors are worried about it
According to experts, the price of Bitcoin is set for a bull run in 2024 since it will begin another halving period. Though the cryptocurrency market will continue to witness volatility as does now, but Bitcoin is expected to soar even amidst the most adverse economic and financial conditions. But currently, as the BTC token dives even further, investors are quite skeptical of these predictions and moving towards other investment options, or maybe other cryptocurrencies. The core of the concept is that Bitcoin is losing most of its investor support, and it’s only a matter of time before it also losses the support of the institutional investors. Even amid these dire conditions of crypto, there are still many investors who believe that Bitcoin will definitely become the currency of the future. Bitcoin is the most volatile cryptocurrency in the market and analysts say these kinds of downturns are pretty normal, considering the crypto market is now also following the price trends of the stock market. If you are someone who is interested in investing in Bitcoin right now, make sure you consider all the deep risks that accompany the cryptocurrency.
In 2021, El Salvador became the first nation to adopt Bitcoin as a legal tender, which had incredible impacts on the entire crypto market. The BTC token reached its all-time highs, crossing US$67,000. Its growth was so spectacular that it drove the market cap of the entire global crypto market to breach the US$3 trillion for a short period of time. But by the end of 2021, Bitcoin fell into a deep slumber, taking down some of the most important cryptocurrencies in the market. As disappointing as it is, this market downturn was also accompanied by fears of regulation. Most governments are wary of the risks involved in investing in cryptocurrencies, hence, policymakers feel the need to explore the depths of the market and regulate it to make the market a safe place for the investors. But as positive as this sounds, investors are afraid that government intervention would eventually lead to the centralization of these digital assets, leading to widespread market crashes where Bitcoin is struggling to regain its lost glory.
Bitcoin is Losing its Lost Glory
Currently, Bitcoin and Ethereum, the biggest cryptocurrencies in the market are struggling to rebound from their bearish price trends. Financial experts believe that the crypto market is following the trends of the stock market, which also experiences a technology-led sell-off earlier this week amid big tech’s earning results. At the time of writing this article, Bitcoin is valued at US$39,551.24, according to coinmarketcap. Earlier this month, around April 4 and 5, Bitcoin breached the US$45,000 resistance and headed towards US$48,000. Key indicators indicated that Bitcoin will soar further, and had predicted that the month of April might be kinder to BTC. But instead, the crypto fell further making investors quite anxious about its future prospects.
Should you invest in Bitcoin right now?
Well, it is quite evident that Bitcoin does need more support from its developers and investors. Experts believe that if Bitcoin does not regain its lost market value, Ethereum might soon overtake BTC to become the largest cryptocurrency in the market. Ether’s ‘Merge’ upgrade’s launch was delayed to Q3 of 2022. But the competition will be tough after this launch and Bitcoin needs to brace itself for it. Because if it doesn’t, it will extremely difficult for BTC to remain the top cryptocurrency in the world.
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