• The crypto market is deep in the red again. 
  • Community members are questioning if the crypto supercycle is still going to happen.
  • Analysts claim that the supercycle is still in play.

The crypto market is bleeding badly again despite previous attempts to have a green holiday season. Despite calls saying that the crypto supercycle is going to happen this year, particularly from November to early January, current prices are hinting otherwise.

Among the top ten cryptocurrencies on CoinGecko, only Dogecoin is in the green. This is partly due to Tesla CEO and now TIME’s Person of the Year Elon Musk’s comment regarding his favorite meme coin.

Meanwhile, the world is looking closely at Bitcoin’s performance this December. As the first and most widely adopted cryptocurrency, Bitcoin makes a significant influence on the market. In fact, Bitcoin’s four-year cycle is the major reason why people believe the supercycle will happen this time.

Each Bitcoin halving happens roughly every four years. This is an event wherein the bitcoin rewards for mining gets halved, hence the term halving. As many have observed, Bitcoin has undergone supercycles in 2013 and 2017 like clockwork. This is why many are believing that the same thing will happen this 2021.

However, Bitcoin’s price is dismal, and many are questioning “is the crypto supercycle still going to happen?” Many crypto analysts including Lark Davis believe so.

Davis also explained that Bitcoin’s hash rate is at an all-time high. This means that many people are competing to mine what few bitcoins can be mined at the current time. This will likely affect the number of bitcoins that will be available for buying on exchanges. Once there are fewer sellers than buyers, the Bitcoin market will likely experience a seismic shift.

That said, Bitcoin is not certain it will reach $100,000 by the end of the year. However, the above reasons say that the supercycle is still in play, although it will not be the same as the previous rallies. We could also say that we are in uncharted territory.

Furthermore, many institutional investors and even banks are adopting Bitcoin and other cryptocurrencies. These include the German bank Sparkasse and the Commonwealth Bank of Australia (CBA), not to mention other Wall Street giants Goldman Sachs and JPMorgan.

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.