The value of Bitcoin (BTC) has been declining since early last year. Bitcoin (BTC), which reached its all-time high in December 2017 and attracted a lot of investors and traders – have been performing very poorly. The digital currency has shredded all the gains it amassed at the 2017 bull run over the past thirteen months.
Many were hoping that 2019 will bring good tidings for the digital currency. However, the story of Bitcoin (BTC) has not yet changed, has it continues to plunge further. For those Bitcoin (BTC) fans hoping to put last year behind them, this year has not been favorable to the digital currency also as the world’s largest digital currency continues its losing streak.
Bitcoin (BTC) Plunges for Six Consecutive Months
January, which just wrapped up, marks the 6th consecutive losing month for Bitcoin (BTC). This is a record that has never been set by the digital currency before, according to Dow Jones Market Data. The losing streak started on the 1st of August last year when the digital currency was trading slightly over the $7,700 level.
Since then, the value of the digital currency has declined by more than 50 percent. Bitcoin (BTC) saw its worst days in mid-November when its value plunged through its support at $6k. The value of the digital currency declined sharply and traded as low as $2,500. This was a big blow to many traders, investors, and enthusiasts in the digital currency space. Many never saw it coming, and they were all caught up by surprise.
As January Wraps Up, Will February Be Favorable to the Crypto Market?
January has just finished playing its part in the year, and many are wondering what February holds for the Bitcoin (BTC) and the digital currency market. Will February be favorable to the Bitcoin (BTC) and other digital currencies? If this question was to be directed to Travis Kling, his answer would be “No.”
Travis Kling is the chief investment officer and founder of Ikigai Asset Management. Travis believes that some things are yet to be unraveled, adding that there is more pain to come. He said the digital currency industry needs a shake-up before the tide can really turn.
In a tweet, Travis said: “More projects shuttering. More digital currency trading platforms gone. More digital currencies are dead. More Securities and Exchange Commission enforcements. More developer rage quits. More layoffs, More Initial Coin Offering Treasury selling. More failed cap raises. More scammers exposed. Only then do we move higher.”
Bitcoin (BTC) Price Today – BTC / USD
Jani Ziedins – a market analyst – also has something to say about the future of the evolving technology. Ziedins said that: ”There are scenarios such as the dot-com bubble where the revolution was legitimate, investors just got too happy a little too early. Will Bitcoin (BTC) do the same in ten years? I doubt it would do the same.”
He further added that “First, the magical thing about Bitcoin (BTC) is that it has a fixed supply by design. That was supposed to prevent inflation and manipulation. The value of Bitcoin (BTC) will increase as time goes by and its popularity increases. And that would have worked in a bubble. But the digital currency did not work in a bubble and its popularity attracted a lot of copycats that greatly diluted the digital currency market.