• Bitcoin – the world’s number one cryptocurrency by market cap – has had a couple of solid months and is once again being considered a „safe haven“ asset.
• Last year was difficult for the crypto space, which lost more than $2 trillion in valuation.
• Bitcoin has recently jumped to its highest point in six months and Ethereum is becoming increasingly popular as a platform for creating dApps.
Bitcoin Is Once Again Considered a „Safe Haven“
Bitcoin – the world’s number one cryptocurrency by market cap – has had a couple of solid months, so much so that many people are once again viewing it as a „safe haven,“ something that clearly wasn’t occurring in 2022. Last year was arguably the worst period on record for bitcoin and crypto, with the digital asset losing over 70% of its value and the entire crypto space losing more than $2 trillion in valuation.
Recently, however, bitcoin hit $25K—its highest point in six months—causing several new cases where bitcoin is accepted as a digital payment method amongst stores and retail outlets. Azra Kojadinovic – president of the Serbia Chapter – believes BTC’s long-term outlook remains positive due to increasing cryptocurrency adoption. Whitney Setiawan – research analyst at crypto exchange Bitrue– echoed this sentiment while also noting that long-term holders may take their gains leading to short or mid-term negative corrections.
Ethereum Increasingly Popular
Jenny Zheng – BD lead at ByBit commented on Ethereum’s increasing popularity as a platform for creating dApps driving its growth, stating that investors are taking positions based on this that could change their bottom line in the future.
Investment Outlook Remains Positive
Overall, despite some potential short or mid-term negative corrections, investment outlooks remain largely positive across both BTC and Ethereum with continued adoption driving their respective values higher.
Ultimately, it appears many people have returned Bitcoin to its rightful status as a safe haven asset after several solid months of performance. With increased acceptance and usage as well as growing investor enthusiasm across both BTC and ETH, there is reason to believe that these assets will continue to surge in value into the coming weeks and months ahead.