Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
If you’re a Bitcoin holder, there are plenty of good reasons why you aren’t happy. After all, when you bought into the world’s largest cryptocurrency, the expectation was it would soon hit $100k on the charts.
However, that hasn’t happened. In fact, one could argue that the crypto has moved in the opposite direction altogether. While BTC peaked at $69,000 on the charts, the cryptocurrency is now trading well under $20,000.
Now, can BTC resurrect itself and appreciate again? Sure, it can. When will that be though? Well, that’s a question with no clear answers at this point.
And no, the opinions of Plan B and a host of YouTubers and “analysts” don’t count.
Even so, despite everything, there remain many who are still in the business of predicting where the cryptocurrency will be 5 years or 10 years from now. This is important, especially since investors and traders would want to make very smart decisions.
Why these projections matter
The following article will touch upon these projections. With BTC emerging as a strong store of value of late, it is crucial investors are aware of where popular analysts see the cryptocurrency heading over the next decade. These projections, while not an absolute certainty in any way, can help traders and holders make smart decisions.
That’s not all, however. According to CoinGecko, for instance, Bitcoin enjoys a market share of just under 38%. While this figure isn’t as high as it was back in 2017 or even, 2021, it’s a significant share. By extension, what it means is that whatever happens to Bitcoin, the rest of the altcoin market is bound to see a ripple effect. Ergo, even if you’re only into altcoins, what BTC performs will affect you too.
This article will briefly look at the cryptocurrency’s recent market performance, with a special focus on its market cap, volume, and rate of appreciation/depreciation. The same will be expanded upon with the use of datasets such as non-zero addresses, no. of whale transactions, et al. It will conclude by summarizing the projections of the most popular analysts/platforms, while also looking at the Fear & Greed Index to assess the mood of the market.
Bitcoin’s price, volume, and everything in between
At the time of writing, Bitcoin was trading at $19,932 on the price charts, having fallen by 8% over the last 7 days. Furthermore, its 24-hour trading volume was recorded to be $22.2B.
Needless to say, BTC’s price movement had an impact on its market cap too. When the crypto’s price hit a short-term peak on 30 July, so did the market capitalization, with the same rising to $469 billion. At press time, it was down to $381 billion. As expected, BTC/USDT was the most popular trading pair on the market, with Binance enjoying a share of over 8.2% for the same.
The aforementioned may be good news for investors. Especially since many would see this as a good opportunity to buy BTC on the low. In fact, while BTC is still over 69% away from its ATH of over $69,000, there’s a lot of optimism around.
Consider the comments of the legendary Bill Miller, for instance. He was in the news a while back when he claimed,
“Bitcoin’s supply is growing around 2.5 percent a year, and the demand is growing faster than that.”
To Miller, this growth in demand will be accompanied by a corresponding hike in price too, with a target of $100,000 being thrown around by some. In fact, a similar logic was applied by Bloomberg Intelligence when it claimed that the demand and adoption curves pointed to a projection of $100,000 by 2025.
One can argue that over the last few years, much of Bitcoin’s demand and adoption has been driven by its emergence as a store of value. In fact, while quite a few are into it for the tech, many others are into…
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