no it hasn't been.
the main bulk of the decline happened during December last year and continued until February (3 months) and basically ever since June, drop has not been happening. we have been stuck at the bottom which is around $6k.
It's been around $6k, but I believe that it's still a drop compared to last year's ATH. Perhaps, by the end of the year, we would be able to see Bitcoin reach $10k, but it will all depend on the level of demand it would experience during the upcoming months. The approval of the Bitcoin ETF might save it, but if it gets rejected by the SEC, then another decline in price might occur. Nonetheless, the future looks bright for Bitcoin as it reaches a valuation of $55k and above.
it is mainly the result of the $20k bubble burst followed by FUD, panic and manipulation.
Yes. That's the usual behavior of the crypto market, and Bitcoin is the most negatively impacted cryptocurrency out there (since it's the leading cryptocurrency in the world). However, every time there's positive news from governments, latest Bitcoin developments, and more, the price of the pioneer cryptocurrency starts to rise. Given the huge volatility out there, it's survival of the fittest.
it will become more valuable in the future because it has limited supply and it is useful so its adoption (aka demand) is increasing, otherwise having limited supply means nothing without an increasing demand. that is why bitcoin is rising while other altcoins with similar design are falling.
Agree. Bitcoin has true uses for the mainstream world, and it's limited by design. Even if other altcoins have managed to stay ahead in terms of speeds and low costs, Bitcoin is still the leader since it's trusted by many people worldwide. Every cryptocurrency depends on Bitcoin to grow in the mainstream world. Hence, if Bitcoin falls in price, other alts fall too because they're dependent on it. Probably by the next BTC halving, we would be able to see higher prices than usual.
why use market cap? why not just talk about price which has actual meaning?
you are talking about a price around $55,000, you see now it has a much better meaning than $1 trillion market cap. and it will happen in 2020 tops and it is possible that it happens mid 2019.
I believe that it's much better to speculate on Bitcoin's future market cap, than its pricing as it's a very volatile cryptocurrency. There's no doubt that it will reach a Trillion Dollar market cap, but the real question is when that will really happen. No one can answer this, because Bitcoin's valuation is uncertain, but with real demand and serious investors joining in the fun, it could reach a Trillion Dollar market cap and beyond.
A Trillion Dollar market cap is easily achievable if large Stock Markets allow Bitcoin to be traded as a Commodity or even if one of the large ecommerce sites starts to accept Bitcoin as a payment option.
One Killer application can even push us into a Trillion Dollar market cap, under the right circumstances or if one of the large franchise like Mc Donalds or KFC start to accept Bitcoin as a payment method.
That's certainly true, mate. Mainstream businesses and stock markets would need to adopt Bitcoin before it could reach higher prices than its last ATH. I would be surprised to see if a fast food restaurant such as KFC or Burger King accept Bitcoin for payments. It would certainly bring a lot of attention to people in the mainstream world as they become curious to know what Bitcoin does and what benefit it gives to them. After that, you'll see demand rising across the cryptocurrency market, since everyone would love to own a piece of the cake (in this case Bitcoin).
However, this may take a few years before it becomes a reality since Bitcoin is not ready yet to handle all of the world's payments. With the Lightning Network, you could expect these things to happen and much more.