Bitcoin Analysis and May Market Trends: Is Bitcoin worth Investing in 2023?
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Bitcoin has been struggling to rise since April. After reaching the 30k mark, it has experienced a bearish market and is trying hard to reach the critical level of 28,000. May month has been the worst month for Bitcoin investors, as there was a tremendous drop in the price to its critical level.
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Bitcoin Analysis as of May
The price of BTC on May 1 was $29,602 with a 24h trading volume of 13.61B. The price then slowly started to plunge. BTC lost its momentum and settled at 27,600 at one point. It couldn’t hold even there; the price seemed to be crashing and reached as low as $26,316 as of May 12, 2023.
The experts believe that this downward trend will continue this whole month and may have a chance to recover at the end of May or by the beginning of June. Investors are worried after seeing the value dropping each day.
Moreover, the transaction fees are a concern for traders. The average transaction fee as of May 7 was $19.190. However, the fee has come down to $4.66 (0.00017 BTC) as of today.
On the other side, early investors are converting their BTC coins and ETH into buying meme coins like pepe to take advantage of the meme market. The meme tokens have been trending in the crypto market and have seen enormous profits within a short period of time. The trending meme coins include PEPE, Milady meme coin, sponge, Ben.
According to Coinmarketcap, a crypto price analysis website, the price of BTC is $27,064.58 with a 24h trading volume of $13.71B at the time of writing. The price has dropped by 1.66% since last week. BTC has a market cap of $524,549,769,708 with a total supply of 19,374,681 BTC.
According to bitinfocharts, the block time of BTC is 9m 36s with an average of 6 blocks processed per hour. The number of transactions per day in the last 24h is 545,008 and the average transactions per hour is 22,709.
Investor Paul Tudor Jones recently stated in an interview,
JUST IN – Legendary investor Paul Tudor Jones: #Bitcoin "is the only thing that humans can't adjust the supply"
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2023
"I'm sticking with it" 🙌 pic.twitter.com/f1pfPrNyaS
Related: Top 5 performing Cryptocurrencies
Reasons for Bitcoin Price Drop?
Regulatory and inflationary fears have caused the prices of BTC and other cryptocurrencies to fall.
BTC is not the only coin to tumble; Ethereum too has dropped by up to 1.15% since last week and is currently trading at $1,821.41.
Some crypto investors are pulling their money out of cryptocurrencies due to liquidity concerns while some others withdrew due to regulatory concerns. Anyway, it is not a good sign for the crypto industry which is recovering from the crypto winter.
Recently, Binance had to stop withdrawals due to “network congestion” which caused the transactions to pile up.
The cryptocurrency industry is already suffering from numerous issues like scams, frauds, high transaction fees, banking failures, regulations and many more. The crypto industry has yet to reach a wider audience.
Many investors are vulnerable to scams, losing their money, or falling for pump and dump schemes because they lack sufficient awareness of the cryptocurrency market. Researching about the crypto is an important aspect before investing in it.
Today, there are 24,182 cryptocurrencies, 625 crypto-exchanges and the market cap of cryptocurrencies amounts to $1.13 trillion. Every 24 hours, $28.47 billion worth of cryptos are traded with a Bitcoin dominance of $46.59% and Ethereum of $19.4%.
Bitcoin achieved a great milestone today as the number of addresses holding 1 full bitcoin surpassed ONE MILLION. The craze for Bitcoin is never going to fade despite the launch of new Crypto coins. Whales and other investors are holding their BTC, predicting a better future and BTC is and will be a prominent player in the crypto industry.
Related: Best Bitcoin Faucets
Conclusion: Bitcoin and other Altcoins seem to have a downward momentum; however, Cryptocurrency will bounce back as there is a huge scope of growth in the Crypto Industry. With growing technologies and developments in web3, many industries are investing in Crypto space.
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