The last days have not been very pleasant for bitcoin (BTC) and the entire cryptocurrency market. After reaching the $ 13,000 mark, bitcoin’s price dropped considerably and the most dominant cryptocurrency is now trading around $ 10,236; a decrease of more than 20%. But not only Bitcoin did suffer from heavy losses, ethereum (ETH) is also almost 15% in the red. Bitcoin SV (BSV) is even nearly 19% in the red.
Unfortunately, the correction of bitcoin has not led to an increase in altcoins. The entire crypto market lost around $ 70 billion in value.
But is the market for bitcoin in such a poor state? If we look at the bigger picture, is there a crash? If we go back in time, towards the beginning of this year, we see that bitcoin was trading around $ 3,700 at that time, which means that bitcoin has risen more than 175% since the beginning of 2019. In line with this idea, there are also known figures from the crypto-market that claim that it is hardly possible to speak of a crash. For example, Mati Greenspan, senior market analyst at eToro, says that bitcoin is the only asset that constantly crashes up:
The only asset that consistently crashes up.
— Mati Greenspan (@MatiGreenspan) July 15, 2019
John McAfee, for example, once again did not hide the fact that we would be wrongly concerned:
Bitcoin is at the mid 10's and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It's rising drastically. I'm still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.
— John McAfee (@officialmcafee) July 14, 2019
In any case, it is worth highlighting that a correction can be healthy for the market as a whole. In addition, there are still plenty of positive developments going on. For example, Bakkt plans to test bitcoin futures on its platform on July 22 . This probably indicates that the impact of these developments in the institutional field have not yet had an impact on the crypto market.
Yes there is volatility and yes the prices are falling, but keep the bigger picture in mind!