Bitcoin has seen a major fall from grace this year, as in just 12 short months, it has lost a giant chunk of its value. After reaching a high of over $60,000, the biggest cryptocurrency in the world became more widely available but also dropped significantly in price due to various socio-political factors.
And as the overall outlook on the market continues to look grim, the silver lining for Bitcoin and various other cryptocurrencies is receiving the institutional acknowledgment and adoption that it has always deserved. So even though the price for Bitcoin is currently floating at a low of $19,000, this has been a relatively good week for cryptocurrencies so far.
Bitcoin has also stagnated in the past month, with it not budging past $19,000. While it did see a few breaks, it will likely stay in this state for some time before it can start to rally.
An Uncharacteristically Low Volatile Crypto
If the crypto market is famous for anything, it is its volatility. The volatility happens to be both its greatest strength and greatest weakness, depending on who you ask. Most newer investors are often turned away by just how volatile the market is, but experienced investors know that a volatile market is where they really make their money.
However, Bitcoin has been uncharacteristically less volatile than its previous years or even months. For the most part, this cryptocurrency has completely stagnated and is not moving any higher or lower than $19,000.
As the largest cryptocurrency in the market, according to its total market cap, Bitcoin sets a very important precedent for all of its other cryptocurrencies. And when the biggest cryptocurrency starts to stagnate, it is always a cause for concern for others.
The cryptocurrency managed to drop by 0.7% but did not go lower than the $19,000 mark. As for Ether, the second largest cryptocurrency in the market, it saw its prices shrink by 1.6%.
Breaking lower than $17,000
Analysts are holding their breath to ensure that Bitcoin does not fall any lower than its current stable price of $19,000, although it is very likely that it might. June saw its prices drop to the lowest in recent memory of $17,000. Investors are really concerned about the prices, likely finding a new low of $10,000, which could result in the market as a whole spiraling.
Further Pressure on Bitcoin
The biggest problem that Bitcoin is facing right now is the added pressure of being the biggest cryptocurrency in the market. Therefore, any mistakes that it makes will ripple throughout the entire industry. Therefore, even if it chooses not to take many risks, this will still mount further pressure on Bitcoin.