Hello everyone, I'm about sharing something that isn't new to you. I've discussed about this in my former post click this link to view: https://steemit.com/cryptocurrencies/@tulio77/crypto-abc
cryptocurrencies are digital assets, they vary in prices and contracts purposes. Today I'll be talking more about bitcoin on the journey so far- 10 years of bitcoin .
From research done by Cambridge University, it was estimated that over 53 million people in the world do transactions with cryptocurrencies and 75% of them has bitcoin in their wallet!
Bitcoin is the first cryotocurrency built on the blockchain but however since 10 years of bitcoin existence the crypto-space has seen more than 1000 new coin offerings with some of them having better abilities than bitcoin itself. Now because these are called altcoins people are usually skeptical about it, and that causes a huge volatility in the price. Just recently Arthur Hayes, CEO of cryptocurrency derivatives platform BitMEX, predicted that the bitcoin price could reach $50,000 in 2019 . In fact, it has been less than six months, though the events that have occurred during that interlude have been sufficient for Hayes to slash his short-term crypto forecast by more than 95 percent! Imagine the drop in price..
While chart-watchers often treat bear markets as beginning as soon as an asset dips below its cyclical peak, Hayes said that a better strategy may be to mark the beginning of the bear market as the date at which the bitcoin price falls below its 200-day moving average (DMA). By this metric, bitcoin entered bearish territory on March 12 when it was priced at $9,152 and has only seen a 37 percent decline since dropping below the 200 DMA.
Bitcoin is currently experiencing a downtrend which could last for the next 3 months. Bitcoin has recently been treated like an investment scheme rather than the original currency of which it was made for. This is why the adoption of bitcoin will be slow.