Bitcoin has stumbled again. At the time of writing, the world’s largest digital currency by market cap has fallen into the low $11,300 range, marking a $400 drop from where it stood just 24 hours ago.
Bitcoin Wallets Are Consistently Getting Downloaded
And yet according to recent wallet data, the asset may still be in the early stages of a bull market. According to some of the world’s biggest digital wallets – including Coinbase, Blockchain wallet, Crypto.com and BRD – the number of downloads to occur a month ago in July hit new records. In other words, as the coronavirus pandemic surges on, more and more people are turning to bitcoin and crypto and downloading the necessary tools to ensure they can get their fingers on digital funds.
Roughly 81 percent of the year’s wallet downloads occurred in July says Apptopia, an app data website. Staff member Madeline Lenahan wrote in a blog post:
At the start of the quarantine, we noticed an uptick in new installs for some of these apps but didn’t think much of it because this market tends to be quite volatile anyway. Looks like the growth we saw was, in fact, real and lasting.
In addition, several exchanges around the world are reporting the largest trading numbers they’ve encountered in years. Despite the recent setback, bitcoin is currency trading for the highest it’s been since June of last year. The asset’s popularity is rising to an unprecedented level, and retailers and institutional players are beginning to take part in crypto trading like they never have before.
Naturally, many analysts are beginning to compare the present circumstances surrounding bitcoin with those that surrounded the asset in 2017. During that time, the currency rose from roughly $1,000 per unit during the early portion of the year to about $20,000 by the time Christmas rolled along.
A Big Number Sometime Next Year?
Cory Klippstein – tech investors and founder of Swan Bitcoin, a crypto purchasing app – stated in an interview:
It appears to many that we’re in the early stages of another bull market for bitcoin, this time against a macroeconomic backdrop that seems almost scripted for bitcoin to shine… No one can predict the future, but if the pattern of four-year bitcoin market cycles continues, we’re looking at a peak sometime around the end of 2021. More people are dipping their fingers into bitcoin every day, and the ones that are already here are gaining conviction and buying more.
This sentiment of bitcoin hitting a peak price in 2021 seems to be shared by multiple analysts including Tone Vays, who recently stated that by the time the new year is ready to ring in, bitcoin will have hit $20K. He further stated that it will potentially look to hit $45,000 by the time 2021 is over and done.
