Why Bitcoin bulls still think $100K is in the cards despite ugly end to 2021
- Date: 04-Jan-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Why Bitcoin bulls still think $100K is in the cards despite ugly end to 2021
Cryptocurrencies boomed in 2021, but Bitcoin's (BTC-USD) late year retrenchment left many investors unsure about the same returns in the new year.
Buoyed by demand for non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum (ETH-USD) and smaller cryptocurrencies ended up stealing the spotlight from Bitcoin. Its market capitalization, currently under 40%, is the second lowest it has ever been according to Trading View data.
Trading around $47,300, Bitcoin is down 8% since last week and 31% lower than the all-time high it hit in November near $69,000. While hopes for Bitcoin $100,000 have been dashed in the short-term, bulls remain unflappable — and some aren’t afraid to double down on their predictions.
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