Bitcoin, the largest cryptocurrency by market capitalization, continues to tank along with other cryptocurrencies in the global market, with investor sentiment at “extreme fear” at Bitcoin’s Fear and Greed Index.
See related article: Bitcoin leads market-wide downturn as Russia fears rise
Fast facts
- Bitcoin is currently down by almost 2% to trade at US$39,185.
- Bitcoin’s volatility can be gauged by the fact that it touched as low as US$33,184 in the last month while peaking at US$45,661 over the same period, according to CoinMarketCap.
- Volatility of cryptocurrencies is a matter of concern for investors, with some experts warning of a bear run for Bitcoin, or neutral at best.
- American banking giant JPMorgan, in a recent analysis, predicted Bitcoin’s fair value at US$38,000 — about 3% lower than its current trading price — and expects it to approach US$150,000 in the long term.
- Other top cryptocurrencies are mostly down or trading at a negligible high of less than 2 percent, with the exception of Solana which is currently at US$94.52, sporting a rise of 6% in the last 24 hours.
See related article: Bitcoin’s 30-day performance shows it’s not just another tech stock