Why the world’s most popular currency bitcoin became cheaper? Know how 2022 will prove to be a boon
oi mukesh pandey
New Delhi, 21 March. The news of the decline in the most popular cryptocurrency in the world is shocking. The price of bitcoin has come down by 50 percent since last year. A boom in this digital currency is expected this year. The year 2022 is going to be better for cryptocurrencies. This is also expected because crypto experts say that the cryptocurrency will again break the record and reach its highest level this year.
There is a lot of craze about cryptocurrency among people all over the world. But the falling bitcoin prices over the past year have disappointed investors. The cryptocurrency market is down 2.33% as of 9:35 am on Monday. The Global Crypto Market Cap declined to $1.85 trillion in the last 24 hours. Both major currencies bitcoin and ethereum were down more than 2 per cent. Although Ethereum is giving returns of more than 12 percent in the last 7 days.
Top 10 cryptocurrencies also had their ups and downs
Talking about the top 10 cryptocurrencies, Terra Luna has gained about 3 percent. According to the data of Coinmarketcap, a 2.59% decline has been registered in Bitcoin so far. As of this writing, bitcoin is trading at $40,833.48. Whereas, the price of Ethereum declined by 2.93% to $2,846.24. As of Monday, the world’s most popular cryptocurrency, bitcoin, declined 0.36 per cent, or Rs 11,725. With the reduced rate, the price of bitcoin fell to Rs 32,01,037. Whereas the market capitalization of bitcoin rose to Rs 58.8 trillion at this price.
Bitcoin price expected to rise sharply
If experts are to be believed, the price of Bitcoin is expected to see a huge jump this year. This digital currency will reach one lakh dollars i.e. about 75 lakh rupees this year. Whereas by the end of the year, its price is expected to reach $ 1,35,000 i.e. Rs 1,01,25,000. Analysts were predicting that bitcoin would again reach an all-time high of Rs 48,00,000 by the end of 2021. This conjecture also proved to be true. Now analysts are predicting that Bitcoin will touch the price level of $ 98,000 i.e. Rs 73,50,000. Crypto experts say that by the end of this year its price is likely to reach $ 1,35,000 i.e. Rs 1,01,25,000. If this prediction turns out to be true, then the year 2022 will be no less than a gift for the investors.
Such a decrease in the price of bitcoin
The price of the popular cryptocurrency bitcoin has been seeing a rise since the past days. But its price broke on Monday. Bitcoin fell 0.36 percent. Its price was reduced by Rs 11,725. With this reduction, the price of bitcoin came down to Rs 32,01,037. However, the first two months of the year 2022 proved to be good for investors. At the same time, analysts of cryptocurrency believe that this decline in the market of Bitcoin is not going to be sustainable for long.
The price of bitcoin has fallen 50% since 2021
The price of the popular cryptocurrency bitcoin was recording a steady decline over the past days. However, there was a lot of improvement in the last 2 months. But once again with a 0.36% drop, bitcoin analysts again began to doubt the estimate. The price of bitcoin had reached its all-time high of $69,000 (Rs 51.28 lakh) in November 2021. But till now about Rs 29 lakh has come down by almost 50%. On January 7th, there was a huge drop in the price of bitcoin. On this day, bitcoin had fallen by 4.9 percent to a bottom of $ 41,008 (Rs 30.48 lakh).
Story first published: Monday, March 21, 2022, 22:14 [IST]