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Saturday, June 25, 2022

Will 2022 Bring The End Of Bitcoin Genesis Stage?

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When it comes to the spotlight of the Cryptocurrency market, Bitcoin has always been on the news since the beginning. And, the year of 2022 hasn’t been any exception in that too.

Since the COVID-19 pandemic, the price of Bitcoin started going up quickly. It also reached an all-time high during the month of December, 2021 at around USD 60,000. 

However, from then onwards, it all fell apart. 

From April 2022, the price of Bitcoin started falling down all of a sudden. And, now, while we’re standing in June, the price is still going down massively. Today, on 16th June, the cost of the same is sitting at USD 21,837.30, reducing by almost 55% since January.

So, will it keep going down? 

Or, is it possible for the same to come up with a phoenix-like rise again? Let’s keep reading till the end of the article to find more about it.

Bitcoin – Is It Going To Be The End?

According to Bitcoin Magazine, the Crypto projects revolving around Bitcoin will be either dead or stay on the brink of collapse. After all, the developers can carry on with their ideas as much as they want. But, the number of tokens aren’t growing anymore.

Hence, a huge bear market will come to the market and wipe out whatever’s remaining of the Altcoins. And, with it, the experimental phase of Bitcoin – or, should I say, the genesis stage – will conclude. There won’t be anything new to play around in this aspect.

The “Resting” State

If you’ve been an avid Bitcoin follower since the beginning, you’ve probably seen the great fall of the same in 2017. And, then, suddenly, in the very next year, the market went on a rampaging rise, which went for almost three years.

Nonetheless, in the last month of 2021, the massive parabole broke at last. I mean, the market kept rising for three years straight. So, it’s about time that it stalled a little. So, in my opinion, it’ll be a bear market in 2022 for the Bitcoin industry.

However, that doesn’t mean the adoption and innovation of the same will stop suddenly. In fact, something even better might happen. For example, we can surely see the rise of NFTs in 2022-23. And, the mainstream adoption of the same might increase a little as well.

Just don’t expect the price to go up, at least not this year. 

Why Is The Genesis Stage Ending, Though?

If I compare from the earliest stage, the aspect of Bitcoin adoption has increased by quite a mile since the beginning. New BTC-trading apps, like quantum ai, have arrived at the market. Besides, people are using the blockchain technology pretty eminently too.

So, where has it gone wrong? Let’s find out.

  • As stated before, the investment in Bitcoin has increased quite massively recently. So, whenever someone, who has made a lot of investment, makes a move in the market, it crashes the stock to some extent. Such raging volatility has made many people step away from investing in the market, which, in turn, has made it a little stagnant. 
  • At one time or another in future, Bitcoin will be adopted in the mainstream market. However, this proposition is still lagging quite a bit. Although it’s pretty lackluster, people are still opting for the traditional payment procedures, as they’re easier. On the other hand, Crypto is definitely much more convenient, but you’ll still need some sort of technological knowledge for the same.
  • Finally, as Bitcoin is quite volatile, many investors are currently trying to find a safer ground. This, in turn, is affecting the market quite a bit as well. And, the sudden dip in price is definitely a result of the same.

What’s The Final Verdict, Then?

Honestly, though, at the beginning, Bitcoin leaving its genesis stage might seem like a piece of bad news. But, if you’re all-in for innovation and progression, it’s definitely necessary for the market. However, there’s still a lot to learn in this regard. So, if you want to stay updated regarding the same, make sure to come back to our website every once in a while. We’ll add more information as we get it from an official source.


Feature Pic By MF3d
 
Mick Pachollihttp://www.tagg.com.au
Mick created TAGG - The Alternative Gig Guide in 1979 with Helmut Katterl, the world's first real Street Magazine. He had been involved with his fathers publishing business, Toorak Times and associated publications since 1972.  Mick was also involved in Melbourne's music scene for a number of years opening venues, discovering and managing bands and providing information and support for the industry. Mick has also created a number of local festivals and is involved in not for profit and supporting local charities.