• Bitcoin has “gone to sleep” over the past six months, with as much as $370 billion remaining dormant.
• This follows a long and bearish period in 2022 where bitcoin lost more than 70% of its value.
• Bitcoin is currently up nearly 50% since the end of last year and could rise to the top of the financial ladder by the end of 2023.
Bitcoin Has Been Asleep For 6 Months
Much of the world’s bitcoin has been „asleep“ or dormant over the past six months. This is to be expected following a long and bearish period in 2022 when bitcoin lost more than 70 percent of its value. During this time, around $370 billion worth of bitcoin was left untouched.
The Worst Year on Record for Bitcoin
November 2021 saw a new all-time high for bitcoin at about $68,000 per unit, but things went downhill from there and it entered a 12-month bear period. By the end of 2022, it was trading in the mid-$16K range, leaving many feeling blank and empty and giving crypto critics an opportunity to voice their concerns.
Bullish Trends Could See It Rise To The Top Of The Financial Ladder
2023 has been different in that bitcoin is up nearly 50 percent since last year’s low point and recently struck $25K per unit. It’s once again enduring bullish trends that could see it rise even higher by this time next year if investors remain confident in its performance during this new bull run.
Long-Term Gains Could Be The Focus Of Traders
Miguel Morel – CEO of Arkham Intelligence – believes that traders could be looking to focus on long-term gains rather than fearing another market crash like what occurred last year. He suggests that investors are being more cautious this time around so they can make sure this current bull run isn’t just a fluke before putting their money back into cryptocurrency investments.
It appears many units of crypto have gone „dormant“ over the past few months as people wait for confirmation that this new bull run is not short-lived or subject to another crash like last year’s market conditions caused by volatility across many digital currencies.. Only time will tell if investors get their wish with these bullish trends continuing throughout 2023, but one thing remains certain: cryptocurrency will likely play an important role in finance going forward regardless of which direction prices take in the future.