Bitcoin Permabull? I’ve been going through a lot of articles, tweets, technical analysis lately Which suggest that we are in a bear market, we are down by 20%, blah blah blah. Let’s talk tech, adoption, and trends first and then technicals suggest.
There’s been a negative sentiment, which is of course the new mutated strand of covid. Which is the only hurdle there is, not just limited to crypto, but to all the industry, countries.
Tech
Layer 1 is on the rise, Every project is trying to become the next Solana, Terra or Avalanche. No Negative sentiments are hurting the markets as of now. And overall the market has matured a lot seeing these “Bans” and Regulations by different governments, which hardly make a change to a real life user or at max 5% Correction in BTC and 10% Correction in Alts.
Adoption
How can we even start to talk about adoption without talking about out savior, El Salvador. Where Bitcoin is officially a legal tender, from brazil to russia to small asian countries. Everyone is welcoming crypto and blockchain tech. The Big Burger Boys of 4th July might have been inflated by the Haughtiness and not adopting to the bitcoin revlution. Just like their inflated notes. You might not like it because every movie has told you how great your country is, but that’t what they are supposed to tell you right? the good things? Asia and Smart countries will take the power from the big burger boys.
Technicals
Major cryptocurrencies on Monday stabilized somewhat after a sharp collapse, during which bitcoin collapsed by more than 17% and dropped below $ 50,000.
The negative dynamics was also observed against the background of the message that the BitMart crypto exchange lost $ 150 million in cryptocurrency as a result of the hack.
El Salvador took advantage of the collapse, the President of the country announced the purchase of 150 bitcoins at a price slightly higher than 48.5 thousand dollars per coin.
Correcting after a sharp drop, over the course of a day, the bitcoin rate, according to Forex Club, almost went up and lost only 0.1% and was trading at $ 49,268 with a capitalization of $ 930.2 trillion. Ethereum rose 0.7% to $ 4184 with a capitalization of $ 496.8 billion.
XRP dropped in price by 2.5% – to $ 0.803, its capitalization amounted to $ 38.1 billion. Litecoin lost 2.1% to $ 155.6 with a capitalization of $ 10.7 billion.
The total cryptocurrency market capitalization reached $ 2.28 trillion.
In the near future, the market is likely to continue to correct upward after a large-scale depreciation. Bitcoin can now reclaim its psychological $ 50,000 mark, Ethereum has a chance to rise above the $ 4,200 level, XRP to $ 0.9, and Litecoin to $ 160.
The decline in bitcoin quotes by 20% should not be considered something extraordinary.
