The fortunes of the leading and most valuable cryptocurrency, Bitcoin, continue to headline many debates in the cryptocurrency community as the digital asset witnesses its ups and downs. During its early days, the digital asset was criticized, with some critics believing that the asset’s fortune will likely hit zero in the future. However, that story does not hold water, as the digital asset has continued to hit several highs and lows in the past few weeks. However, many in the crypto community are concerned about the digital asset’s inability to surpass the $60K mark. Many analysts weigh in their opinions about the digital assets, as it is stuck at a point it attained about three weeks.
Bitcoin frolicking around $60,000
The struggles of Bitcoin began about a month ago when the digital asset lost about $10,000 in price value in less than 24 hours. That period was a bloodbath for many crypto assets who experienced similar fortunes, in a black day for the cryptocurrency market. However, like others, Bitcoin was able to enter a market correction phase shortly, and the asset was gradually rising again. It took Bitcoin more than two weeks again to hit the $60K mark, much to the delight of the digital asset’s admirers who were optimistic on $100K.
However, the asset has dropped again from the $60K mark and currently trades at around $59,223 at the time of writing. Many analysts are starting to believe that the asset will seemingly build a benchmark around the $60K mark, as it has spent a long time frolicking around that mark. The rise in Bitcoin’s fortune, an asset that traded around $19K in November 2020, to the $59K mark it is trading today five months after, is remarkable. Unfortunately, the asset has now spent almost six weeks perusing the $60K mark, as many analysts and investors have started to worry about the future of the cryptocurrency.
Any solution in sight?
The situation surrounding Bitcoin has yet to cause so many worries, but investors and traders have started to look for a solution. In a report earlier this week, many crypto investors have started to flock around the service of Staking and Lending DeFi protocols. The report detailed that many crypto investors are starting to get worried about the recent volatility of Bitcoin and other altcoins shows that they are now finding a domicile in the tenths of these Protocols.
The shocking revelation about this report is that many of the investors who are attracted by these Protocols are institutional investors. Bitcoin has always been the home of many institutional investors, as it continues to be the most attractive in the cryptocurrency market. However, with the mouthwatering yield of these Protocols luring institutional investors and the struggling of Bitcoin worrying them, it seems that things may get worse in the future. However, many crypto analysts and Bitcoin admirers are optimistic that things will take a good turn soon, as many are still expectant that the asset will hit the $100K mark this year.