The Hypes and Speculation Over Bitcoin

Staying in the cryptocurrency market is not an easy job, especially if you try to hold your position longer, if you will try then you will gradually become get familiar with the roller coaster, Bitcoin since its birth have many plunges, what interesting in every plunge that countless voices told stories about the scam, Ponzi scheme, and crypto asset is no more, if you are in a crypto circle since last decade you have noticed that after Bitcoin set up a new high fall back again then after some time find a way to rise again, it is the cycle of Bitcoin fluctuations.

Many investors jump into Bitcoin with the dream of rich overnight, Bitcoin from its beginning fundamentally a speculative cryptocurrency, the large numbers of investors intention to join the Bitcoin speculative market are based on the idea of instant wealth creation, every investor after entering into Bitcoin must handle the upswing of several Bitcoin ups and downs.

Currently, Bitcoin prices fluctuated in the range from 65,000 US dollars to 30,000 US dollars or even less than 30,000 US dollars there are many investors looking forward to the rebound and the arrival of new highs, some of them waiting for Musk’s tweets for support and plenty of them already withdrawn part of the way.

if you look towards the history of the Bitcoin speculative market you can find that Bitcoin always declared as the global reserve currency by many high tech leaders including Musk, Katherine Wood, and Twitter CEO Jack Dorsey, many of the experts and gurus promoted the idea of decentralization, the prediction of Bitcoin price rise to 100,000 U.S. dollars, 500,000 U.S. dollars, or even 1 million U.S. dollars and finally the currency future in the hands of crypto assets.

The most important point regarding Bitcoin is the risk appetite of Bitcoin very high it is not just like ordinary commodities or regular stock market assets, but a completely speculative asset. For some investors to gain insights into the analytics, sentiments, and the true analysis of future predictions of crypto assets is very difficult.

The Bitcoin world is full of speculation hypes the lucky one investors were caught in a high position and made a fortune some of them made thousands and some of them made millions, the early birds took the most advantages and their income increases to thousands of times where those entered late are paying the prices.

At the beginning of last year, BTC was still 7,300 after continuous speculation over Bitcoin, many expert mark Bitcoin as the digital gold, and many refer as the reserve currency but all such hypes and speculation is just building the castles in the air, suddenly in May of this year the most precious and valuable digital asset loses half its value, the Bitcoin which gain a cumulative increase of 790%, lost its 50% value, due to its market leadership the other cryptocurrencies also took the same path, the Dogecoin and Etereum also fell 16% and 8% respectively.

The correlation between crypto-assets and the crypto investor’s consensus has been matured and significantly strong, whenever the new trend emerges in the crypto circle the market shows either collective consensus of skyrocket increase or collective plummeted of crypto assets.

Source: https://medium.com/cryptocurrencies-ups-and-down/the-hypes-and-speculation-over-bitcoin-115e035c94cf?source=rss——-8—————–cryptocurrency