Bitcoin investors went for a wild ride this past year. From lows of close to $20,000 in the summer of 2021, it bounced back to highs of up to $46,000 in November. That was followed by a further crash back down into the $20,000s. Currently, it appears to be back on an upward curve, with the price moving upward towards $46,000.
Gains have sparked bullish sentiment, with many predicting the highs of $46,000 might be coming back. Kenny Izevbigie of ReBlock Ventures, a hybrid venture studio and advisory focused on NFTs, tweeted.
With Bitcoin nearing the $46,000 mark, short sellers were tempted to predict a repeat, drop-back performance. However, continued bullish sentiment is shaking off the bears and pushing through, with many aiming for $45,000 plus and even $50,000.
“This will be a momentous figure,” says Kenny Izevbigie. “Bitcoin has been stuck in the doldrums, struggling to break through the $46,000 ceiling,” he adds. However, many experts believe that if it can move through this barrier, it could gain further momentum pushing it beyond $50,000.
Still the King
As per Kenny, Bitcoin’s gains re-establish its title as the King of the cryptocurrencies. Before that, people had been casting an eye towards altcoins, especially so-called privacy coins, which recently experienced double-digit growth.
Russia’s invasion of Ukraine has also put cryptocurrencies into the spotlight, with some fearing they could be used to circumvent sanctions. However, the immediate result appears to have been an uptick in activity among investors looking to increase their stock of cryptocurrencies. There have even been reports of people using bitcoin to raise funds for Zelensky’s government.
“Whatever the future may bring, one thing is clear. When it comes to cryptocurrencies, the first – and in many cases the – last name people think about is Bitcoin,” quips Kenny Izevbigie. A host of altcoins may have burst onto the scene promising to do all sorts of things, but they still command a fraction of Bitcoin’s clout and name recognition. When it comes to cryptocurrencies, Bitcoin remains the King.