Once again, the cryptocurrency market faced a major collapse! Since the beginning of this year, there have been drastic changes in the prices of various cryptocurrencies around the world. On the other hand, since the beginning of the Russia-Ukraine war last February, the crypto market has been in extreme turmoil. Then last month there was a sudden massive crash in the crypto market. However, this time again, it has been reported that the prices of several cryptos have fallen at a record rate, starting with the largest and most common cryptocurrency Bitcoin. In this, investors are naturally worried.
According to reports, the price of Bitcoin fell to $25,600 (about Rs. 19,97,113) on Monday, the lowest price in the last 18 months. The price of the world’s most popular cryptocurrency has been steadily falling for the past few months. Let’s say that in November last year, the price of Bitcoin reached an all-time high. It was worth more than $68,000 (about Rs. 53,05,696) then. But since then, its price has been on a downward spiral, and its value is now down more than 60 percent. According to analysts, if the price of Bitcoin continues to fall at such a massive rate, then its value may fall to $14,000 (Rs. 10,92,349) by the end of this year!
According to Venturefounder, a contributor to on-chain analytics platform CryptoQuant, the price of Bitcoin may drop to $14-21 thousand in the next 670 days. But they also showed a bright light of hope to ease the worries of investors. The company said that by 2030, the price of Bitcoin will rise again and by the next year, its price could go up to $40,000 (about Rs. 31,21,660).
Meanwhile, like Bitcoin, Ethereum is not doing well. The price of this cryptocurrency has also dropped dramatically over the past weekend. It has been reported that this is the first time since 2018 that the price of the world’s second largest digital currency has seen a huge drop. According to a report by on-chain analytics provider Glassnode, the market value of Ethereum fell below $1,781 (about Rs. 1,39,030) at the end of last week, which is a terrible news for investors. However, despite witnessing this massive decline, experts say that cryptocurrencies are not slowly losing their market value or popularity, but rather that these digital currencies will soon see a bright future.