Post-Christmas 2021, Bitcoin is on a roll. It was down 3.20% in the last 24-hours trading at just below $47,000. Its Christmas Eve gains seem to be lost in this continuous year-end slide. But BTC lovers are very much optimistic about gains and have their fingers crossed for a $60,000 crossover in 2022.
BTC has fallen back 16% this month. According to CoinGecko, a market analysis firm, the crypto universe has lost over $300 billion of market value over the period. As 2021 comes to an end, demand for cryptocurrencies, especially bitcoin, has been hit significantly.
Moreover, the ongoing COVID-19 pandemic and the new omicron variant are taking their toll. With impending lockdowns to stem the spread of the virus this holidays, the market is bracing for the worse. But with teachings from a year ago, this time around, the market is ready.
Jeffrey Halley, a senior market analyst at OANDA, envisages a year-end squaring into thin market conditions. He believes bitcoin’s recent ups and downs, $45,000 to $52,000, is not a threat. Katie Stockton, founder and managing partner at Fairlead Strategies, says bitcoin’s next level of $44,200 would be based on a Fibonacci retracement. However, analysts and crypto enthusiasts alike are not worried about bitcoin’s slump. They are very much acquainted with bitcoin’s high volatility.
Meanwhile, the world’s second most popular cryptocurrency Ether also fell below the $4,000 mark. It is down by 3.63% in the last 24-hours at $3,600. Other cryptocurrencies, Cardano and Solana have lost more than 6% each. Polkadot has also taken the fall, down by nearly 3%.
The overall crypto market is projected to reach $4.94 billion by the year 2030. The digital assets market will grow at a CAGR of 12.8% from 2021 to 2030.