Things are not looking great for bitcoin. Despite attaining a record-high hash rate, the popular cryptocurrency has been down by nearly 1.50% in the last 24-hours. BTC has slipped below the $47,000 mark and now stands at $46,000. As this is just the first week of 2022, experts argue that the crypto market has gotten off on a good start.
With BTC crisscrossing its way through the week, all eyes are on Ethereum, the world’s second most popular cryptocurrency. Bitcoin’s high volatility also impacts ether. As such, ethereum has been down by 1.37% in the last 24-hours and is shy of the standard $4,000 mark. At the time of writing this article, Ether stands at $3,473.
Ether lovers say it’s just a matter of time before bitcoin breaks out – the longer it takes, the harder it will pump! Investors are also keen on altcoins and see it as a good keep. Bitcoin is bearish and analysts point out that on-chain indicators do not support a bearish thesis.
However, might the BTC pricing be, it hasn’t put investors off. This is supported by reports claiming that private corporations held onto more bitcoin in 2021 compared to previous years. Willy Woo, an on-chain analyst, believes public companies holding BTC have achieved market share from spot ETFs. This is a way to access bitcoin exposure on public equity markets.
It should be noted that Michael Saylor of MicroStrategy owns about $6 billion in crypto assets. The firm bought a further 1,914 bitcoin, worth $94 million, on Thursday – gaining over $2.1 billion in profit.