- Despite reaching $60,000, Bitcoin has not exceeded its 2021 all-time high
- Altcoins have suffered losses, with some dropping 60% to 90%, largely due to their smaller market capitalizations.
- The cryptocurrency market has been in a correction since April, characterized by short recoveries that haven’t led to sustained growth.
Bitcoin, the world’s largest digital currency, has surged to the $60,000 mark. However, it hasn’t reached its all-time high (ATH) from 2021. Compared with the fall in other cryptocurrencies, some altcoins have recorded a 60% to 90% fall.
The Stagnation at the $60K Mark
The recent market movements have raised questions among investors and enthusiasts like Tonie Ghinea. Through his X Space account, Tonie has left his 65,400 followers and crypto community with questions about the current market trend in Bitcoin and other altcoins.
Analysts believe Bitcoin’s inability to break past the 2021 ATH is a many sided issue. Market movements have changed considerably since Bitcoin’s peak. Unfair policies, macroeconomic factors such as inflation rates, and global economic uncertainties have contributed to Bitcoin’s current trading price instead of a new record.
On the same note, many expect a positive movement by the end of 2024, possibly surpassing the 2021 ATH. On August 13, Frank Speiser, the CEO of Metafide, shared his insights and predictions on Bloomberg TV during an interview with Tim Stenovec and Katie Greifeld.
Metafide CEO Frank Speiser says by year end Bitcoin could hit $100k, and Ethereum $4k https://t.co/UzJjdFzRgp pic.twitter.com/H96mVN0mhD
Read CRYPTONEWSLAND ongoogle news — Bloomberg TV (@BloombergTV) August 13, 2024
Altcoins Hit Hard
While Bitcoin has held steady at around 60K, altcoins have not been spared. Many have seen declines in value, reaching their bottom. This performance has been linked to altcoin’s unpredictability and lower market cap, which make them more susceptible to market changes and speculative trading.
The Elusive Bull Market
Since April, the cryptocurrency market has been in a state of correction, alternating with brief periods of price recovery. These short-term bounces have not been sufficient to shift the long-term trend significantly. The ongoing correction phase reflects a broader sentiment of caution and a reevaluation of risk among crypto investors.CoinMarketCap data indicates that Bitcoin is trading at $59,701.69, recording a 0.51% surge in its price over the last 24 hours during the time of writing.
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