Many people are referring to current cryptocurrency times as an altcoin Bear market.
The decline in trading volume follows a pattern of a decline in the price of Bitcoin.
But let’s not forget where Bitcoin was one year ago today. The one year price shows that BTC was in a very similar place as it is now, right before an explosive upward movement.
Whether a similar spike could happen now is debatable, but it would certainly life the cryptocurrency sector out of its current slump. A number of factors have conspired to push cryptocurrency down.
- High profile “busts” which paint Bitcoin and altcoins in a bad light.
- Continued regulatory threats that did not exist in the past now loom.
- Large amounts of in-fighting between projects that is painting the whole industry in a negative light.
- Scam after scam which has lightened wallets and reduced optimism.
- Lack of advancement in adoption which has had a chilling effect on price.
Some of these issues could be cleared up easily enough by the process of better management. Keep in mind that a number of these issues also existed during the last ‘boom time.’
Can Bitcoin run and bring altcoins along for the ride?
It’s definitely possible, but for this to happen it would take some serious media coverage that brings fresh people into the fold. Bitcoin is no longer a new concept to people. Many are using BTC regularly and have been converted into cryptocurrency lovers. Others have yet to catch the bug. One thing is certain, cryptocurrency appeals to a huge potential market. With enough exposure, more and more people are going to use crypto.
It’s easy to focus on all the negative things going on. Media operations don’t stay in business by pointing out ‘good news.’ Still, cryptocurrency is in its’ earliest days. The common analogies to the ‘Wild West’ are accurate. The initial system that created the modern West isn’t around anymore. It was replaced by a more genteel and modern approach. However, we can never forget the contributions of the early pioneers who endured tough times to help push through the pain to get us to where we are today. We need that same spirit as pioneers in the current crypto-movement.
Right now it appears that the great Crypto Bear Market will continue. It would only take one MAJOR event to change it all, though. A look at last year’s Bitcoin chart certainly shows it’s possible. It’s now up to the attitudes of the average crypto enthusiast. If they are feeling confident and optimistic there’s a good chance their enthusiasm could help prices and volume grow. If they remain depressed and inactive, we could be in for a long, cold Winter.
The next month or so should be very, very interesting!
Thanks for stopping by and reading! Are you upbeat or downbeat right now? Tell us how you feel.