December 5, 2022

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While not the biggest news story of the week, the Twitter message from BitPay is still a little uplifting. The market is still suffering. The crypto winter is not behind us. The worst may still come later this year. The worst-case scenario for ETH seems to be more and more likely (we wrote about the potential dip to $400). However, Bitcoin seems to be very stable and resilient.

Bitcoin is still the flagship asset of the crypto domain

The whole industry is doing quite poorly with the total market cap falling way below $1 trillion and many coins suffering staggering losses. The Ethereum merge was supposed to bring some life to the network and propel it to new heights, but it turned out to be an overhyped event that brought nothing but disappointment. ETH lost about 20% during this week following the merge with the Beacon network and switching to the PoS mechanism.

We reported about the current situation with ETH and its apparent loss in the battle against Bitcoin. The Flippening, an event when ETH becomes the dominant coin, seems to be more than just unlikely with the asset falling to $1274 on September 23.

It seems that Bitcoin is the last haven for crypto investors. The network had many days with positive cash flow and it still moves along the $19K support line despite dipping under it for a while. The next front for the Bulls to defend may be near the $18K mark, but so far the asset has been performing fine considering the overall situation in the market.

Bitcoin and its prospects

Doomsayers were saying that the asset will hit $12K by the end of October. Other estimates say that it will hit that mark by the end of the year. However, these forecasts sound nothing like something that can happen.

The message from BitPay confirms that BTC is still the most used crypto and it has been used to pay for various goods and services proving that it has not only legs to stand on in the speculative market but also real utility.


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