The interest in Bitcoin (BTC), as well as other digital currencies, got to a frenzied pitch in December last year, as Bitcoin (BTC) recorded its all-time high of about $20k. Since then, the momentum that drove the price that high is nowhere to be found as values continue to decrease.
Although the digital currency is still making the headlines on a daily basis, the focus has now moved to the decline in its value and how low it could go. It has made a lot of investors, experts, and speculators to wonder. Has the value of the coin finally fallen off the road or will this period be looked back as one of its dips on its way to the moon?
Inefficient Exchange Means
This is one of the most significant reasons why the value of Bitcoin (BTC) heading south. The transaction speed of Bitcoin very slow, and at the height of Bitcoin-mania, transactions take hours or even days to be confirmed. In addition to its slow transaction speed, the transactions fees are high. During this period, people spent up to $50 or more to send BTC.
As a result of this, the digital currency was not suitable for everyday transactions. This has led to the slow adoption of the digital currency, and it has affected its value over time.
How Can BTC Make A Comeback?
A lot of people invested in the digital currency during its bull run, resulting in some awful returns. But this was kind of bound to happen, as not asset surges twenty times in a space of 12 months without coming back down at some point. It is a correction that was kind of expected.
Bitcoin (BTC) can and will bounce back in the coming months. The digital currency still has the same attractive and appealing aspect as it did last year. People can still speculate on the coin, pay for services and goods, make transfers across the globe, and have control over their money. If this continues to happen, the coin will bounce back – says Mr. Tchir.