The number one crypto asset in the world just two years ago reached its all-time high of $19,764 and since then the value experiences a series of low prices making this Saturday the 411th consecutive day since the prices have been declining. Let’s take a look at the analysis in today’s bitcoin news below.
Bitcoin surpassed the previous bear market from 2013-2015 which lasted exactly a day less (410) than this one.
BTC’s first major bear market was in 2011 lasting 163 days going from $31.50 to $2.01 which is a drop by nearly 93 percent. The current bear market is expected to bring an 84 percent decline in the value of the major cryptocurrency while the current price is standing at about $3,449.
As a part of the deflationary monetary policy of BTC, all of the rewards per mined block are getting cut in half on every fourth year or on every 210,000 blocks due to the slowing down the creation of new bitcoins. This event is better known as ‘’halving’’ it deemed to be the bullish catalyst for the price of bitcoin because the growing demand for the cryptocurrency should outweigh the slow production. When the demand is higher, the value of the asset also gets higher.
If the next halving process happens by 2020 somewhere in late May, which is less than 500 days from now, the potential bear market ending day doesn’t look like far.
The data shows that the accumulation phase has started. The cryptocurrency is up by 10 percent from its 2018 low point below $3,000 and is currently trading at $3,449 which shows a 53% market domination.
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