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Highlights
- Bitcoin has been seeing a continuous plunge in its prices for almost five consecutive weeks.
- While some analysts believe that this is the beginning of the downfall of the largest crypto across the world, others believe that Bitcoin would soon bounce back.
- Other popular cryptos like Ethereum, Cardano, Solana, etc., are also experiencing red flags.
The world's most popular cryptocurrency, Bitcoin, is bleeding as its price has been witnessing a downfall for almost five consecutive weeks.
On 14 December, Bitcoin was valued at US$46,313 after experiencing a drop of 7% Monday. However, on 15 December, at the time of writing, Bitcoin was trading at US$48,262.85, up by 3.12% in the last 24 hours.
When compared to its all-time high of US$69,000 in November, this huge crash in Bitcoin’s prices has worried its investors and has left the overall crypto market on tenterhooks.
Do Read: What's causing Bitcoin to slump over past 4 weeks?
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What do analysts have to say about Bitcoin’s current crash?
The recent plunge in Bitcoin's prices has compelled some of the trade analysts to think that this price downfall is just the beginning of the knockout in the price of the largest cryptocurrency across the globe.
Must Read: How is Bitcoin’s price moving mid-week?
Experts have now become doubtful about its sustained and relentless success as the crypto’s downwards trend has negated the idea that it had matured and had come of age, which would lead to ease in its price fluctuations.
On the other hand, some are hopeful that the slump in Bitcoin’s prices is a momentary phase, and the crypto is sure to bounce back, considering its value being US$0.08, back in 2010.
Interesting Read: Can Bitcoin bounce back to US$60,000 by end of 2021?
Which other cryptocurrencies experienced a similar fate?
The second-largest cryptocurrency, Ethereum, too have been going through a rough patch. At the time of writing, on 15 December, it was priced at US$3,865.94, with a decline of over 11% in the last seven days, however, it was up by 3.12% in the last 24 hours.
Solana, currently the fifth-largest crypto by market cap, experienced a fall of nearly 13% in the last week and now stands at US$163.90.
Other popular cryptos like Cardano and Polkadot were down by 9.80% and 11.05%, respectively, over the past week.
What will happen to Bitcoin miners and investors when the crypto reaches its hard cap?
Having a maximum supply of 21 million coins, nearly 90% Bitcoins, i.e., 18.89 million Bitcoins, have already been mined.
Related Read: Crypto Catch: Bitcoin sinks to US$47,000; 90% of Bitcoin Mined
Crypto experts believe that around 97% of the crypto would be mined by the 2030s, and the remaining 3% would come into being by 2140.
It is noted that when Bitcoin reaches its maximum supply, there will be no new Bitcoin under circulation, causing a significant impact on both its miners and investors.
Miners would no longer be involved in the mining process, and the only source of their income would be the fee they would receive for verifying the transactions.
On the other hand, investors would benefit when Bitcoin reaches its hard cap, as the crypto would then become scanty, causing a rise in its prices.
Bottom Line
Bitcoin has been observing a continuous slump in its prices, causing anxiousness across the global crypto market. Investors must be wary of making instantaneous decisions related to crypto investments.
