Is Bitcoin Coming Back?
Bitcoin true believers have been preaching “buy and hold” as the surest way to build your own evil empire with at least one million dollars. Their faith wasn’t truly shaken by Bitcoin’s meteoric fall following its meteoric rise last year, when it increased by more than 2000% to peak at just under $20,000 per coin in late December. After falling by more than 66% from its highs in only five weeks, the price has seemed to carve out a more solid floor, with recent action shown in the price chart suggesting that a double bottom has formed at about $6,600. This means that after enduring months of mockery, the crypto-vangelists are finding their voice again, seeing last year’s events as a bubble, but only one within a series with tends to rise ever higher. This view shouldn’t be dismissed: Bitcoin’s history suggests that bubbles come and go, but the very long-term picture is suggestive of an upwards trend. Additionally, Bitcoin has held up better than its closest rivals Ethereum and Ripple, not only technically, but in terms of capitalization, it is more than twice as large as Ethereum and almost five times the size of Ripple. Maybe its time to look again at Bitcoin as a potential small-sized long-term investment?