Bitcoin
Bitcoin Price Shows Long-Term Stability Despite 18 Months of Boredom
Bitcoin Price Shows Long-Term Stability Despite 18 Months of Boredom
The price of Bitcoin, despite experiencing 18 months of relative stagnation, has shown remarkable stability in the long term, according to research carried out by Delphi Digital. Rather than indicating a lack of faith in the currency, it is argued that this behaviour is an indication that Bitcoin has matured and is beginning to reach the wider audience.
Bitcoin price and its stability
Many investors, analysts, and traders in the crypto world have long been accustomed to Bitcoin price swings. Over the past decade, the cryptocurrency has gone through some of the fastest and wildest price movements ever seen in the financial world to date. However, more recently, Bitcoin has shown a relatively stable trend that has shown seemingly little deviation as the price has moved between $6,500 and $8,000 over the past 18 months.
The lack of price volatility seen in Bitcoin might be viewed as good news by mainstream investors who crave certainty and stability, and this is an indication that the currency is beginning to be viewed as more dependable and less volatile.
Bitcoin matures and reaches wider audience
Although the relative stability of Bitcoin prices might be seen as a cause for concern by some investors, it is actually a sign that the currency has begun to reach a wider, more diverse audience, according to research by crypto analyst firm Delphi Digital.
The report argues that the cryptocurrency market has begun to mature and evolve, leading to a more stable Bitcoin price. It notes that Bitcoin’s market dominance has soared from 33% in January 2018 to 65% in September 2019, indicating that there is increasing faith and support in the cryptocurrency. Moreover, the report states that, despite being viewed by some as stagnant, Bitcoin’s adoption has continued to rise rapidly, with total active addresses now close to the record high of 1.1 million.
Bitcoin is a better choice for long-term investors
Bitcoin’s consistent stability has encouraged many analysts and investors to consider it as a better choice for long-term investors as compared to other cryptocurrencies that suffer from major price swings. These other cryptocurrencies can pose a significant risk to short-term investors and traders, given the degree to which their prices can change within a given period of time.
While the crypto market has gone through multiple periods of boom and bust since Bitcoin’s launch over a decade ago, the currency has continued to survive and thrive, establishing itself as a viable option for both long-term and mainstream investors. This is an indication that Bitcoin is here to stay.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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