- 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.
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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.
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