Opinion: The Resilience of Bitcoin Is Truly Astounding

We are beginning to sound like a broken record at this stage, but it’s worth mentioning again that 2022 was arguably the worst year for the crypto space. Bitcoin, for example, lost more than 70 percent of its value. The world’s number one digital currency by market cap fell from an all-time high of about $68,000 per unit in November of 2021 to about $16,000 just 12 months later.

Bitcoin Has Remained Upright

It was a sad and ugly sight to see, and the crypto space lost more than $2 trillion in overall valuation. The space was also wrought with bankruptcies and fraud, and many didn’t feel things could ever pick up.

Despite everything that’s happened in the past several months, we can see bitcoin (along with other forms of crypto) working to make a comeback. We have published various articles over the past few weeks discussing the sudden price rises bitcoin is experiencing at this time. First, the asset rose to $17K. Then it was $19K. Then $21K. We can only assume these price rises – for now, at least – will continue.

While the past year was no doubt terrible for BTC, the asset is working its rear end off to try and move past it. Bitcoin has now gained $5,000 in the past few weeks, and we feel this is a testament to its strength and resilience. No matter what happens, bitcoin always finds a way to edge back. This is arguably why so many traders – regardless of the negative and bearish events that occur – always return to it. They know that while it suffers from volatility, it also possesses great fortitude.

It is times like these that we need to remain positive and keep our chins up. Bitcoin is down for the count; it’s bruised and battered, but it’s not in a state of defeat. We need to acknowledge and remember this. 2018 was another bad year for bitcoin. Just a month or so prior, during the final days of 2017, the asset had reached a price of nearly $20K, and everything was coming up roses for the asset.

Things Are Far More Positive Than They Seem

12 months later, the currency had fallen into the mid-$3,000 range. Everyone felt the currency was dead, but it proved otherwise. It may have taken a few years, but the currency eventually returned to form and reached a price nearing $70,000. If the currency hasn’t earned respect by now, that’s on the consciences of its doubters.

Clearly, this is an asset that has been through the mill (and will likely run through the mill again) yet stabilizes each time something drastic happens. This should continue to give traders hope that dark days, while they appear, are only temporary, and bitcoin – after 14 years – is sticking around for good.

Tags: bankruptcy, bitcoin, bitcoin price