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 had a significant loss as a result of its inability to maintain momentum and the erratic changes have caused the market to move in an unusual bearish pattern. Due to the lack of market stability and uncertainty, the value of the majority of the coins has decreased.
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 has fallen to as low as $6,000 during the last cycle low and peaked at $69,000. The digital asset saw a 10x 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.
From the cycle low of about $100 to the peak of $4,800, it had increased. The digital asset saw an increase of around 500 times as a result.
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 were to hit $100,000 per coin from its current price, it would still represent a decrease of fewer than 10 times.
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.