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In October 2009, the first Bitcoin (BTC) transaction on a cryptocurrency exchange took place. It involved 5000 tokens, which is equivalent to only $5. But since then, the public has started to take notice, allowing more cryptocurrencies to enter the market. Over the past decade, its value has skyrocketed as more traders and entrepreneurs became drawn to it. Despite the 2017-2018 boom and bubble burst, BTC and the whole market bounced back and kept rising.  In 2021, cryptocurrency prices peaked and set a new all-time high. Bitcoin, for instance, broke $60,000 and reached $68,789. Likewise, Ethereum (ETH) climbed to its highest value of $4,892, while Litecoin (LTC) amounted to $413. It is no surprise that the crypto market was able to create millionaires. Also, a lot of traders have been doing fine just by holding cryptocurrencies as they maintain their bullish view.  In 2022, crypto prices had a steep fall amid corrections and macroeconomic volatility. But more than a year later, they have started to rebound. After two years of cut loss in the bear market, crypto traders are taking profits again. Bitcoin made a bullish breakout after exceeding $40,000. This led to the inference that market sentiments drove cryptocurrency changes. As such, speculators are rushing into and leaving the market to take advantage of the potential price appreciation or depreciation.  Despite all these things, the market is still dogged by criticisms from many skeptics. Now, the crypto market has yet to fulfill its promise to make a decentralized and free financial system. However, questions about the sustainability of its value and volume continue to reverberate. Prices do not still seem to have solid traction as traders push prices upward or downward depending on the prevailing speculation. Meanwhile, fears of cryptocurrencies running out and losing their value in the future…

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Filed under: News - @ December 21, 2023 8:22 pm