• Bitcoin has had a strong few months, with people once again viewing it as a “safe haven”.
• Last year was the worst for crypto, with many investors losing money.
• BTC and ETH are both exploding due to increased adoption and investment.
Why Bitcoin is Considered a „Safe Haven“ Again
Bitcoin had an impressive couple of months, which led to many people viewing the cryptocurrency as a „safe haven“ once more. This wasn’t the case in 2022 when BTC lost more than 70% of its value after hitting an all-time high of $68K in November 2021. By the end of 2022, BTC was trading in the mid-$16K range and other assets followed suit resulting in the crypto space losing over $2 trillion in valuation.
Recent Surge
Recently however, bitcoin hit $25K – its highest point in 6 months – showing that enthusiasm for cryptos is on the rise again despite negative regulatory pressures. Azra Kojadinovic, President of the Serbia Chapter expressed his confidence that this bullish trend would continue into future weeks and months while Whitney Setiawan, Research Analyst at Bitrue suggested that long-term holders may take their gains leading to short-term correction but also noted that investors are taking positions which could benefit them greatly in future.
Increasing Adoption
The article also mentions several stores and retail outlets now accepting bitcoin as digital payment methods demonstrating increasing adoption of cryptocurrencies around the world. Jenny Zheng from ByBit further commented that these assets will experience even higher values as a result of such adoption rates by companies.
Conclusion
It looks like bitcoin’s recent surge has been enough to restore confidence amongst investors who view it once again as “safe haven” asset despite last year being one of its worst on record where numerous individuals suffered losses amounting to billions of dollars collectively across different crypto assets. With increasing acceptance and adoption by companies across different industries around the world, it appears BTC and ETH are both set for explosive growth throughout 2023 and beyond.
Takeaway
Bitcoin’s remarkable recovery from 2018 through 2021 until present day is evidence enough for many investors that cryptocurrenices have staying power regardless of short-term fluctuations or other external factors impacting market performance temporarily . With increasing acceptance by companies combined with investor confidence returning , there is no doubt that we can expect to see even greater heights reached by Bitcoin (BTC) & Etherum (ETH).