The price slump in Bitcoin (BTC) and other digital currencies this year wasn’t expected. It has also affected a lot of traders and investors. Due to the enormous growth that was seen in the digital currency market towards the end of last year, many analysts were very bullish on Bitcoin (BTC) earlier this year. Most of them predicted new highs that far exceeded its all-time high.
Nevertheless, the market didn’t really go as expected. A lot of digital currencies including Bitcoin (BTC) has experienced a significant loss over the past months. While dealmakers were affected by the trend in the market, they weren’t discouraged by the price trend of Bitcoin (BTC). They actually saw it as an opportunity, and they used it as an excuse to go bargain hunting.
Digital Currency M&A Activity Reaches Record Highs despite the Recent Bearish Trend
Despite the recent price trend in the crypto market, merger and acquisition activity by digital currency firms is hitting new record levels. So far this year, the total digital currency and blockchain-related deals have increased by over 200%. This was revealed by data which was compiled by JMP Securities. According to the data, the value of Bitcoin (BTC) has declined by 54% this year.
Bitcoin (BTC) Price Today – BTC / USD
According to an announcement on Monday, the total number of deals involving blockchain and digital currency is at 115. That number is expected to reach 145 by the end of this year. The count this year has already exceeded that of last year by 47 when the value of Bitcoin (BTC) was nearly $20k.
The Crypto Market Is Tied to Bitcoin (BTC)
During this bearish market, the entire market cap of the crypto market has declined by more than 65%. The total trading volumes have also reduced by 55%, according to a report by Coinmarketcap.com. As the market currently suffers at the hands of the bears, the value of most digital currencies in the market are still linked to BTC. They tend to follow the trend of Bitcoin (BTC) irrespective of its value.
As a result, Satya Bajpai of JMP Securities believes there is a disconnect between valuation and value. Adding that early stage firms are being invested in or bought at very low rates. He said even the value of tokens of great projects are still correlated to Bitcoin (BTC).
Blockchain and Bitcoin (BTC) Jobs in the United States Are Increasing
New research has revealed that there has been a 300 percent increase in the number of jobs related to digital currency.This also applies to Bitcoin (BTC), and blockchain over the past one year. Back in August, there were 1,775 blockchain and Bitcoin-related jobs opening in the United States. At the beginning of the year, the number was 693, and by this time last year, it was 446.
Despite the recent struggles in the market, Bitcoin (BTC) and other digital currencies have created a lot of opportunities out for traders. The blockchain job market is rapidly surging and it looks set to continue its growth into the near future.