Bitcoin today has officially entered the longest bear market ever in the 10-year history of Bitcoin. But the crypto space has never been better with developments going at a fast pace.
Officially Enters the Longest Bear Market
The leading cryptocurrency has officially entered the bear market in the 10-year history of Bitcoin that has already seen three bear cycles. The longest one till now has been the last one between the period of December 2013 to January 2015 that lasted about 13 months.
Now, we have set the record of the longest bear market as after Bitcoin hit $20,000 in mid-December 2017, BTC hit its 2018 lowest in December 2018 at $3,150. In these past 411 days, Bitcoin has been on a downward slope.
Though Bitcoin has seen the longest stretch of declining prices, it is expected to test even more lows and see more pain moving forward. Currently on an 82 percent decline from its 2017 peak, at the time of writing, Bitcoin has been trading at $3,479, as per the data provided by Coinmarketcap. Bitcoin price is expected to hit bottom in 2019 but during that process, it can easily see $2,000, $1,700 or even by some analysts $1000.
Now, all the eyes are on the Bitcoin reward halving coming in 2020 that could take the prices to another all-time high (ATH). We just might get to see some upward movement this year as well if history is any indication.
However, this bear market is different from the previous ones in the way that development and innovation have never been this high in the crypto market.
But Things Haven’t Been Better
For the starters, Lightning Network is progressing at a fast pace with its network capacity rising to 629 BTC and 5,848 number of nodes. The second layer to make bitcoin and blockchain payments instant and scalable, it has more developments coming in 2019 that will make things even better.
Economies like Venezuela among others in South American are also moving to Bitcoin. Moreover, crypto ATMs around the world have crossed the 4000 mark.
Big players in terms of Bakkt by Nasdaq’s parent company ICE and Fidelity Investments are constantly working on their crypto products and expect to launch this year.
Now, Twitter founder Jack Dorsey has yet again called for the Internet currency which he thinks could be Bitcoin. On Joe Rogan Experience podcast that has over 4.4 million subscribers, Dorsey stated,
“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.”
Restricted by no borders and restrained by no government or financial organization, Bitcoin has already paved the way for a decentralized economy.