Bitcoin price crashes by 65%, adoption rate drops

The global price of Bitcoin, the most successful cryptocurrency, fell by 65.29 per cent in 2022.

This came as the adoption of digital currencies fell in a year rocked by crypto scandals, with the fall of FTX dominating the airwaves. According to data from coinmarketcap.com, the price of BTC fell from $47,686.81 as of January 01, 2022, to $16,547.50 as of December 31, 2022.

This is as the market capitalisation of BTC fell by 64.69 per cent from $902.10bn at the beginning of 2022 to $318.52bn at the end of 2022. After reaching record highs during the pandemic, with many analysts suggesting it would reach $100,000, the price of BTC took a beating in 2022.

According to Chainalysis, a blockchain insight firm, the global adoption of BTC and other cryptocurrencies has leveled off after growing consistently since mid-2019. It stated that the global adoption of crypto reached its present all-time high in the second quarter of 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.