A bearish scenario has made for a challenging day in the crypto market as a downward trend may be seen in the most recent Bitcoin price action.
The market suffered a significant loss as a result of the inability to maintain the momentum and the uncertain changes have shifted the market into an unusual bearish pattern. Most coins have lost value due to lack of stability and uncertainty in the market.
It became clear during the most recent bull market that bitcoin and Ethereum would no longer be able to provide the kinds of profits that early investors had received.
Bitcoin dropped to $6,000 during the last cycle low and peaked at $69,000. Digital assets witnessed a 10-fold growth in this period.
The situation was comparable to Ethereum, the second-largest cryptocurrency by market cap, despite the fact that it had performed significantly better than bitcoin.
There was a rise from a cycle low of around $100 to a top of $4,800. As a result the digital asset saw an almost 500-fold increase.
Investors are staying away
Investors have been staying away from them despite the fact that they have already grown significantly, not because they are bad investments but rather because their ability to develop exponentially has been significantly diminished.
Even if bitcoin reaches $100,000 per coin from its current value, it would still represent a decrease of less than 10x.
However, during the last bull market, altcoins had outperformed market heavyweights like bitcoin and Ethereum in terms of gains. Smaller altcoins like Dogecoin and Shiba Inu had achieved ROI in the thousands where these large digital assets were performing below 500x.
