“As a relatively new concept, cryptoassets are still finding their feet in terms of value. It’s important to remember that all assets, in every market, experience a process of price discovery, and that cryptos are no different.
Bitcoin’s Peak Anniversary
After its peak last year, the entire cryptocurrency market capitalization has fallen by more than 80%. In December 2017, the market value was about $592 billion, which is currently holding at $109 billion this week. Undoubtedly, since its inception 10 years ago, BTC has performed and grown remarkably, especially its bull run last year that brought the token mainstream attention. The growth has inspired some institutional interest as well. Despite its bear run this year, giants like Fidelity and Bakkt are gearing to launch bitcoin futures in 2019. Greenspan said:
“Since its inception 10 years ago, bitcoin has already experienced four retracements, similar to what we’ve seen in the past year. Bitcoin will find its natural centre of gravity, it’s just a matter of time.”