Bitcoinrose over the weekend as cryptocurrency investors continue to look for a bottom following a rough six months of selling.
The largest cryptocurrency by market cap was higher by 4.6 percent Monday, according to Coin Metrics.Etheradvanced nearly 5 percent.
Crypto continues to move in tandem with stocks. Futures tied to major stock averages were all higher on Monday morning too. Investors have held their breath while watching prices across risk assets move higher, uncertain if the moves are temporary or if a more permanent reversal is finally here.
“Token prices fell 27 percent in May, following a 20 percent decline in April,” said Kenneth Worthington, a JPMorgan research analyst, in a note Monday. “The already challenged April environment was exacerbated in May by thecollapse of the UST algorithmic stablecointhat drove a combination of forced selling and uncertainty to negatively impact the broader cryptoecosystem. While trading volume appears somewhat higher in May from a depressed April, nearly all the other gauges of growth declined this past month.”
Last week bitcoin and ether both turned green for their first positive week in nine, according to Coin Metrics. That was the longest running losing streak ever for the cryptocurrencies.
Last month, another JPMorgan strategist, London-based Nikolaos Panigirtzoglou, said he seesabout 30 percent upside for bitcoinafter the recent washout.
Valkyrie Investments chief investment officer Steve McClurg said itcould fall further first, by another 30 percent.
Tanaya Macheel, CNBC
Tanaya Macheel is a cryptocurrency and financial technology reporter for CNBC.
FAQs
Despite facing significant downturns in 2022 and 2023, Bitcoin experienced a resurgence in 2024. Following substantial jumps on March 8 and March 14, Bitcoin surged to all-new highs. This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide.
Can Bitcoin bottom out? ›
Bitcoin May Have Bottomed Out
This could be indicative of seller capitulation, usually associated with price bottoms. Another sign that bitcoin may have bottomed out is the decline in selling pressure from large entities, including the German government and the rehabilitation estate of the defunct crypto exchange Mt.
Why is Bitcoin falling? ›
One likely reason for the current Bitcoin price drop is the repayment process initiated by the bankrupt exchange Mt. Gox, which began transferring substantial amounts of Bitcoin to its creditors.
Why does Bitcoin go up and down so fast? ›
Demand depends on the number of people investing in crypto. As interest in cryptocurrencies and crypto investments grows, so does the demand, driving the value up. Similarly, if investors consider the investment too risky, they may pull out and reduce the demand, causing a drop in value.
How much would I have if I invested $10,000 in bitcoin in 2010? ›
In it, a StockTwits user by the name of Charlie Bilello noted that a $10,000 investment in Bitcoin made in July 2010 would have earned investors a $200 mln return. To be exact, a Bitcoin investor who purchased $10,000 worth of Bitcoin in 2010 would have earned $201.56 mln.
What will $100 of bitcoin be worth in 2030? ›
If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.
How much will $1 Bitcoin be worth in 2025? ›
Bitcoin (BTC) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 69,070.82 |
| 2026 | $ 72,524.36 |
| 2027 | $ 76,150.58 |
| 2030 | $ 88,153.81 |
1 more rowHistorically, long-term Bitcoin investors have been rewarded for their patience, riding out significant price fluctuations to see considerable profits. If you originally invested because you believed in Bitcoin's long-term value, then selling during a downturn may contradict your original investment strategy.
Who owns the most Bitcoin? ›
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Why did Ethereum drop? ›
Ether, the second-largest token, paced a drop in digital assets following a slump in equities that spread unease in global markets. Ether slid as much as 7.8%, the most in three weeks, and was trading at $3,160 as of 12:40 p.m. Thursday in New York.
A reasonable assumption that Bitcoin could hypothetically reach the null state of it's value is worth the thought. Even-though such an event is very less likely to take place, there are some factors that could theoretically lead to Bitcoin price crashing to zero.
How rare is it to own one bitcoin? ›
Assuming no overlap between exchange users and on-chain addresses (though some overlap likely exists), the number of individuals owning more than 1 Bitcoin is around 1.5 million. This represents just 0.36% of the 420 million cryptocurrency users, highlighting how uncommon it is to own 1 Bitcoin in the crypto world.
Should I invest in bitcoin right now? ›
Unfortunately, it's also incredibly volatile. For that reason, while current market conditions are favorable for anyone considering buying Bitcoin, it is an asset you should purchase only at your own risk. Because while Bitcoin may have the potential for significant returns, you may also lose most of your investment.
Will bitcoin go to 1 million? ›
Notably, Cathie Wood, CEO of Ark Invest, predicted that bitcoin could reach an astounding $1.48 million by 2030. Obviously, the world's oldest cryptocurrency has come a long way since its first recorded price of less than a cent.
Why will bitcoin rise to $420,000? ›
Of the 21 million bitcoins that will ever exist, 19.4 million exist today — meaning the flows would increase each bitcoin by about $378,000. Add in bitcoin's current price — $42,000 as of Dec. 31 — and you get bitcoin's future price: roughly $420,000.
Will crypto recover in 2024? ›
Bitcoin has already set new ATHs in 2024, and with a Bitcoin Halving in the future, continued institutional adoption in the US, and growing on-chain and layer 2 activity bringing an increase in utility, we expect Bitcoin to continue its positive growth in 2024.
