Bitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders... (An abbreviation for Bitcoin.) is still a new kind of asset, never seen before. So, for unaware people, it may look like a fragile digital coin with little or no value —even with billions in market cap now. That’s why Google searches hit a new record recently for the term “Bitcoin dead”. After all, BTC has been experiencing a huge decline, losing over 74% from its last All-Time High (ATH).
Before that ATH in November 2021, the previous bullish cycle in 2017 saw peaks of +$20,000 per coin. This was an important reference point: Bitcoin doesn’t use to go down beyond previous ATHs. However, this time, the price dropped to a minimum of $17,700 [CoinMarketCap]. Therefore, as indicated by the Crypto Fear and Greed Index, the market is in Extreme Fear.
The economist (and not a big Bitcoin fan) Peter Schiff already declared that Bitcoin is dead, considering the recent circumstances. Just like many others, now and before.
But we’ve seen this before, many times. As the attorney @dubyabee17 answered the Schiff’s tweet:
According to the portal 99Bitcoins, Bitcoin “has died” around 455 times so far. And this one isn’t even the worst “death”. Back in 2011, Mt. Gox (the largest Bitcoin exchange then) suffered its first hack. In the wake of this event, Bitcoin had a dramatic crash of -93%, falling from $29 to just $2 between June and November. “Bitcoin is dead”, affirmed then respectable media like Forbes, Gizmodo, and Wired.
Well, not surprisingly enough, Bitcoin wasn’t dead. Not that time, and not in the others 454 times either. Indeed, after the 2017 rally, we endured a crash of -78%. Now, -74% doesn’t seem like the worst scenario.
Bitcoin isn’t dead, and neither are altcoins
Of course, we don’t believe that Bitcoin is dead this time. Actually, beyond the term “Bitcoin dead”, the people are also boosting “Bitcoin” alone on Google searches. The latter term also hit a yearly record between 12 and 18 June 2022. And the countries more interested seem to be El Salvador (where BTC is legal tender), the Netherlands, Nigeria, Austria, and Turkey.
Another good news is that the crypto market just experienced nearly $70 billion inflow in barely 24 hours. Bitcoin recovered a $20,000 floor price. Besides, some altcoins managed to swim upstream and are having significant price increases.
During the last week, Syntethix (SNX) gained over 70%. It’s followed by coins like Basic Attention Token (BAT), with an increase of over +26%; Solana (SOL) with +24%, Litecoin (LTC) with +20%, and Chainlink (LINK) with +17%. We can say that the crypto market is still bearish, but it’s also far from dead.
Featured Image by upklyak / Freepik
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