Bitcoin Rally Market Impact
The current Bitcoin rally market impact has suggested a cryptocurrency market rebound after 2020.
Alphaquest and Storible report suggests that since 2020, a staggering 72% of cryptocurrency projects have failed. Of these, 12,000 projects are estimated to make a report, of which 9,000 were inactive or defunct. Even in 2023, nearly half of the crypto projects experienced a failure.
Moreover, in 2023 only, FTX, a significant cryptocurrency exchange, collapsed. Its downfall raised concerns among regulators. 32% of the projects examined in the report failed after the FTX’s collapse.
The recent improvement in Bitcoin’s value can help turn the tables around for the broader cryptocurrency community, including investors. The soar in value might reverse a downward trend many other cryptocurrencies have been experiencing for a long.
Moreover, ETFs of Bitcoin in the US have sparked excitement in the cryptocurrency world. Since its launch in January, the value of Bitcoin has increased by over 47%, reaching its highest point on Wednesday.
Besides, we and our experts believe that Bitcoin could reach $100,000 by the end of the year (2024). This is due to more investment in ETFs, an upcoming halving event, and lower interest rates.
Consequently, it’s noteworthy that as BTC value increases, it benefits other cryptocurrencies. This is because it brings more attention and money into the whole industry.
Further, more people invest in it and invest in it and other cryptocurrencies. This trend of making money from Bitcoin makes people more interested in Altcoins and willing to take risks. Thus, investors will focus on new projects in the cryptocurrency world.
Moreover, it would benefit existing investors by increasing value and creating a supply-demand imbalance for various tokens. Thus creating more scarcity and demand, potentially benefiting short-term investors.
The cryptocurrency market has suffered many losses and failures in the past years. But, the introduction of a new ETF can set yet new trends and help the market to regain its position. It would be noteworthy to see what amount will the other crypto tokens find a boost!
Further, you should know about 3 Blockchain stocks that could rise on the rise of Cryptocurrencies!
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