The cryptocurrency called Bitcoin, emerged into the commercial market 10years ago as the very first cryptocurrency which the world has ever known. Its announcement into the financial market revealed a whole new sector of business which has since then slowly progressed and propagated into becoming a multi-billion dollars organization and just like a hurricane has shaken the world’s financial market from its root.
Some of the major stakeholders on wall street although have supportively stood behind the new industry, in the past 10years the new cryptocurrency market and bitcoin have made themselves stable and a confirmed force in the economy of most developed nations; not just the United States and also some other developing and under developed nations.
Like other significant enterprises, the fortunes of bitcoin have been in cognizance with both sweet favorable moments and not so favorable moments. The apex bitcoin attained in the late hours of 2017, which peaked at $19,000, a condition that invited quite a number of investors from all over the world whom were mostly concerned about the profit it will generate and not the market itself.
The riches of bitcoin encountered a nosedive in early 2018 and since then both the operators and marketers have helplessly watched the worth of bitcoin depreciate by almost 70 per cent, with the likes of other major cryptocurrencies like ethereum, bitcoin cash, litecoin and the likes reduced by closely 80 per cent, bringing about uncertainties and panic, making most traders count their losses while others totally lost their confidence in the market.
During this period of negative experience and set back, it made investors get enlightened to the real awareness that the market is variable and it requires proper and extensive education before venturing into any major investment. But gradually the situation keeps changing as marketers and investors’ confidence progressively increases and the market slowly rising up during the closing period of 2018 in particular.
From the economy war in the world going on right now, bitcoin and other major coins have been aided. The approval for countries like Turkey and Iran imposed by the Trump administration has almost rendered their economy useless and turning their currencies into a mere worthless piece of paper. This encouraged most citizens of these countries to embrace bitcoin and other cryptocurrencies for survival.
Quite a number of the citizens of these countries pressured their government to make the use of bitcoin legal so as to make it remain pertinent in the world economy and create a means to subdue the dominating power of the United States Dollar.
Bitcoin and the cryptocurrency market in general, just like every other enterprises cannot be said to be 100 per cent accurate or flawless, but without any doubt it is certain that the cryptocurrency market is growing bigger and better by the day and it is proving to be readily consistent and assume its true place in the financial market and the world economy at large despite its hiccups.
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