In November 2021, Bitcoin and much of the industry reached an all-time high, gracing heights of around $69,000. In high spirits, enthusiasts and analysts predicted that Bitcoin would swiftly surpass a price point of $100,000 in 2022.
However, those estimates were quickly dashed, as it was apparent that the year’s keyword was “downturn.” For the sake of brevity, one can follow the progress of Bitcoin, as the industry’s performance often lives and dies by the leading asset.
BTC fell through support after support level, and though the “digital gold” briefly rallied to $47,454 in March, it proved not to be enough of a buffer, with losses taking over again. As it stands, Bitcoin is worth just $17,676 at the time of writing, a far cry from its lauded all-time high.
What was responsible for this? Many would argue that it was unavoidable due to the extremity of events this year.
In February, Russia invaded Ukraine in an occupation that continues today. The resulting sanctions dramatically impacted stock prices, inflation, energy prices, and more, forcing the U.S. FED into drastic measures. Any single one of these could have impacted the industry, with BTC becoming more intrinsically linked to the stock market
In May, Do Kwon’s Terra Luna imploded, losing investors $60 billion and shaking the entire industry, leading to established firms such as 3AC and Voyager Digital filing for bankruptcy. The event had a ripple effect that is still being felt today, and many argue that it was responsible for the bears getting their claws into the market.
Then, just as the industry seemed to be recovering, Sam Bankman-Fried’s crypto exchange FTX faced a scandal on a massive scale, with the previously leading exchange capitulating under the weight of the revelations.
Though the repercussions from these trials still resound, crypto is far from done, and the top ten assets by market cap will play a significant role in deciding its future.
Without further ado, let’s see how each of those projects fared this year.
Sourced from dailycoin.com.
Written by on 2022-12-23 14:00:48.
