Cryptocurrency News

Bitcoin Struggling To Hit New All-Time High

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The growth of Bitcoin in the last few months continues to tell the story of the overall performance of the cryptocurrency market. The leading cryptocurrency and most valuable digital asset continue to be ahead of every other digital asset in the Blockchain space, as the dominance continues to be spelled out. The digital asset started the year slowly but started to bounce back after a few weeks, as its fortunes began to plummet once again. Fortunately for the digital asset, it hit a record-breaking $50,000 on 16th February 2021, and a few weeks after, hit the $60,000 mark again. However, the cryptocurrency is down that mark today and currently struggles to break past the $61,700 ATH it hit a few weeks ago.

How we got here

A remarkable rise in fortunes since 2020 had seen the digital asset become one of the most sought-after investment tools by many potential investors looking to explore the cryptocurrency space. Many analysts were convinced that the economic difficulty of 2020, caused by the harsh impacts of COVID-19, led many retail and institutional investors to commit to Bitcoin. That assertion is not far from the truth, as the Bitcoin market grew by more than four times its size, resulting in the cryptocurrency market’s overall growth.

Retail investors were joined by many institutional investors in the Bitcoin party, as everyone wanted to get a piece of the cake. The implications of the new rush towards the digital asset improve its fortunes and prices, as it became one of the most sought-after investment tools in the Blockchain terrain. However, the cryptocurrency is struggling to hit a new ATH, weeks after crossing the $60K mark has started to worry investors. It has continued to meddle around the $60K mark and currently trades at $56,112 at the time of writing.

There is still positivity around Bitcoin amidst struggles

Despite its recent struggle, Bitcoin is currently at an ATH market capitalization of $1.7 trillion, a figure that exalts the overall $2.5 trillion estimated gross worth of the cryptocurrency market. Bitcoin’s struggles to go beyond $61K have started to worry investors, especially those who witnessed the ATH of 2017, which was slightly followed by a collapse shortly after. Bitcoin’s meteoric rise to $20,000 in 2017 was followed by a severe crash in prices, which negatively impacted the overall cryptocurrency market’s fortunes.

However, the digital asset, which started 2020 on $7,000, has remarkably grown to more than $50K in today’s prices, much to many investors and admirers’ delight. Despite many analyst’s and investors’ worries, prominent investors like Micheal Saylor of Microstrategy, whose company has more than $5 Billion investment in digital, have promised that they will continue to invest in the asset. Saylor’s assertion echoes the belief in the digital asset by many of its admirers and investors, despite its apparent struggles. However, there is still optimism amongst many Bitcoin investors that the asset will hit the $100K mark predicted for December 2021.

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