Needless to say that the cryptocurrency market has seen better days during these past couple of weeks. The total cryptocurrency market cap went from approximately $3 trillion dollars in November 2021 to now being worth $1.2 trillion dollars. That is a 60 percent drop in value! As a cryptocurrency trader myself, I have seen my portfolio declining in value everyday since the bull run in April-May of 2021.
I remember the feeling of euphoria in April-May of last year when altcoins pumped to unimaginable prices. That was when dogecoin was worth $0.75 cents and bitcoin was worth $63,000 and everyone and their mama was positive that it was heading to $100,000. When Bitcoin pumped again to ~$68,000 in November 2021, everyone was confident that this time was going to be the altcoin season that we’ve all been waiting for. Unfortunately, nothing happened as expected.
While Bitcoin enjoyed a bull run in November, the altcoins didn’t follow suit which left everyone scratching their heads about what is going on. Fast-forward to now and we see the altcoins and bitcoin diminishing in value everyday. Nowadays, Bitcoin can barely get past $30,000 dollars. Currently, everyone in the crypto space is saying that we are in a bear market and anticipating for the price of altcoins and bitcoin to go even lower.
Worldwide Adoption for Crypto
But, regardless of what is happening in the crypto market, I am here to remind everyone that crypto is here to stay because crypto in general is being adopted worldwide. Just a few days ago, it was announced that JPMorgan is bullish on bitcoin. Analysts at JPMorgan are pricing Bitcoin at $38,000 dollars which is a 28% price hike from its current value of $29,500 dollars. Additionally, JPMorgan states that Bitcoin is “one of its preferred alternative assets” surpassing real estate.
Furthermore, one of the biggest crypto exchanges in the world, Binance, is continuing to expand its services into Europe. In fact, it was recently announced that Binance has gained regulatory approval in France and Italy. Binances’ expansion isn’t just limited to the European market as evidenced by the fact that the crypto exchange also gained approval in Bahrain.
Another factor indicating the growth of cryptocurrency is the implementation of crypto ATMs. I personally have seen with my own eyes a crypto ATM at Livingston Mall in NJ. Crypto ATMs are being installed worldwide and in 2022 alone there have been 3,000 Bitcoin ATMs installed globally. According to the article, 20 Bitcoin ATMs are being added day by day. The implementation of Bitcoin ATMs has experienced an exponential growth since their first introduction in 2013.
With all this evidence in front of us, we shouldn’t be worried about the long term state of the cryptocurrency market. Yes, crypto will have bear markets, in fact, it’s healthy for the crypto market to have pullbacks every once in a while. But, let us remember that what comes down must come back up eventually. So, yes we are in a bear market but crypto is not going anywhere because we are witnessing the global adoption of cryptocurrency right before our own eyes.