Is Crypto Truly Slipping To Irrelevance?
Without a deeper perspective view of cryptocurrency and Bitcoin to be precise, anyone is most likely to believe the days of Bitcoin are here.
How can something that was valued at an All Time High of $69,044.77 last November now be worth $17,167.27 at the moment and keeps dipping?
If I am looking at Bitcoin for the first time and someone pulled out the chart to ask for my opinion, the answer will be, Bitcoin is dying, take whatever money you have left in Bitcoin and run. That would have most likely been my response but I know about Bitcoin, I have gone down the rabbit hole for a deeper understanding, and the response at present will be; there are no seconds when I think we are witnessing the dying moments of Bitcoin or the cryptocurrency space in general and it is becoming a lot more resilient
There are skeptics about cryptocurrency at present which is obvious as the current situation presents the opportunity for bashing crypto, on the other hand, there are also reasons to remain optimistic.
The European Central Bank is in full bearish mode, below is what it has to say.
The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #theecbblog looks at where bitcoin stands amid widespread volatility in the crypto markets. Source
These are calls that have been made numerous times in the past and cryptocurrency is still here. If we're the ones making these calls I should be embarrassed as cryptocurrency keeps getting stronger and spreading.
The condition of the market hasn't been encouraging price-wise for the present year but there is a lot that revolves around cryptocurrency more than the price.
The year-long bear market has got developers building, this is evident for those of us on Hive as the blockchain recently went through a Fork, an upgrade that is of positive impact on the Hive in various ways, a popular one is Ethereum's Merge.
data acquired by Finbold indicates that between January and October 2022, an estimated 102.06 million crypto wallets were downloaded for Android and iOS devices for 21 selected apps that enable digital currency storage. Source
The above 102.06 million cryptocurrency wallet downloads do not translate to crypto dying, while the amount of crypto wallet downloads is down -42.37% down from 2021's peak the interest in crypto is on the rise.
Cryptocurrency is a threat to the current monetary system, therefore with the slightest opportunity of a market crash, we are bound to have the banks and anti-crypto in their crypto-bashing mode. The call for cryptocurrency dying is simply the spreading of FUD, we are at a time when developers are beginning to place priority over building decentralized protocols to prevent an FTX kind of reoccurrence.
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Image by @doze
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