With the Bitcoin spending much of the weekend in red, the global crypto market is seeing a deep decline in prices. The popular cryptocurrency remained below $19,000. It has been trading at $18,865 down 0.92% in the last 24 hours. Ethereum is still languishing at the $1,300 mark. The second-most popular cryptocurrency is down by 1.76%.
As the Bitcoin price struggles to get a grip from sliding further, many enthusiasts have taken to Twitter to post the 1 BTC = 1 BTC theory. Joshua Lim, former head of derivatives at Genesis Trading, said this is something Bitcoin maximalists say tongue-in-cheek when looking at the USD price of Bitcoin becomes too painful. He believes Bitcoin will eventually become a unit of account and advised investors to focus on the absolute number of BTC they own. The analyst highlighted that most of the narratives have fallen by the wayside this year as prices plunged amid monetary policy tightening.
The world’s number one digital currency has lost around 60% this year and has been trading below $19,000 in recent days, down from the $69,000 high at 2021-end. Crypto investors have regarded Bitcoin as a hedge against inflation because of its limited supply. But this is not so as consumer price pressures remained sticky throughout most of 2022, while prices for most cryptocurrencies dived. This has prompted investors to search for a new narrative for the digital assets market.
Crypto market experts outlined that traders should focus on the projects they like and accumulate the coins in a phased manner. They said all coins do not bottom at the same time, so it’s better to focus on individual cryptocurrencies that show strength.