Crypto markets may be going through the red for a long time of 3 weeks now, but the fundamentals of Bitcoin network are still moving up from a steady pace. The longest streak of losses has not been able to deter the developers and adopters of “digital gold” (as it’s affectionately known in the community) from doing their work for development of this cryptocurrency, which is reminiscent of the fact that downtrends are temporary while Bitcoin is permanent.
Over the course of last 3 weeks Bitcoin has lost about 20% of its market cap. From a price of about $9,000 it has come to the level of $7,200. When calculated over a 30-day period the loss is even greater at 35%. Even today it continued to slip, losing about 1.45% and hitting the monthly low of $7,259.
However, despite these losses uptrends in fundamental areas of Bitcoin are continuing from a steady pace. The hashrate and Segregated Witness (SegWit) transactions are increasing continuously, as you can see in the graph given below. As of now the hashrate of Bitcoin network is 35.75 petahash per second, which is 13.57 petahash per second higher than the hasrate 3 months back in March. This shows how development of Bitcoin is continuing at a steady pace despite the bear phase.
Yesterday a prominent former Wall Street Analyst turned blockchain VC Spencer Bogart had also told CNBC during an interview that despite the recent sell-off he would still maintain a buy at Bitcoin because its long term thesis is still intact and moving in the right direction. In a nutshell, no matter how much sell-off continues, Bitcoin is here to stay in the long run.