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BTC as Global Reserve For Cryptocurrency?

For the first time since July 2021, Bitcoin (BTC) went below $29k.
BTC as Global Reserve For Cryptocurrency - BTC coin as featured image

The whole volume of the crypto market collapsed, wiping out over $200 billion from the market in a single day. The entire crypto market has fallen since the price of BTC dropped and even some of the top altcoins lose their value.

 

Bear markets continue to dominate the most popular cryptocurrency Bitcoin. Investors have lost hope and are worried to wait for the market to normalize after the dramatic collapse of TerraUSD (UST), a so-called stablecoin. Over the weekend, UST fell below 99%, and Terra the project behind it dived into a $3.5 billion bitcoin reserve to keep the token alive.

 

In the previous 24 hours, the global crypto market’s capitalization has increased by 0.2% ( $1.30 trillion USD). The total cryptocurrency trading volume for the day was $99.4 billion, in which Bitcoin has a 42.4% market share. There are 19,042,100 BTC coins in circulation with a maximum supply of 21,000,000 BTC coins.

 

However, Bitcoin’s recovery appears to be going well, as it has risen over the $29,100 support level. In the future Bitcoin may act as a global Reserve Currency for the Altcoins.

 

Bitcoin Historical Way

The very first bearish market began in the period of 2013 during this time Bitcoin had grown by 50%. Following that, the 2014-2015 bear market pulled BTC from its all-time high (ATH) of $1163 to $152, a drop of -86.9%, and it ended just over a year after it began. BTC took another two years to recover from this low and reached a new all-time high above $1163 in February 2017. BTC continued to rise from here, setting new all-time highs until it peaked at around $19,700 in December 2017.

 

During the 2018-2019 bear market, BTC plummeted from its all-time high to a low of $3122. The outbreak of the covid epidemic scared global financial markets in February and March of 2020 but it got recovered easily. After the 2018-2019 bear market peaked at $69,000 in November 2021.

 

The present bear market in 2022 is still ongoing, and we have no idea how it will end but still, Bitcoin is the Hero of the whole crypto market.

 

Image by bitcoin-schweiz from Pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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