Despite the downturn, Bitcoin's fundamentals are growing stronger

Published on by Cryptoslate | Published on

Bitcoin took a significant nosedive sending investors into fear, according to the Crypto Fear and Greed Index.

Over the past two weeks, Bitcoin entered a bearish trend that has seen its price depreciate over 18 percent.

Breaking below this support barrier could trigger a spike in the selling pressure behind Bitcoin.

Despite the high probability of a steeper decline, the Bitcoin network continues growing at an exponential rate.

Every day, more addresses are created and the number of holders continues rising, according to data from IntoTheBlock.

The machine learning and statistical modeling firm estimate that there was a total average of 405,440 new addresses created per day over the past week.

Bitcoin's network grew by a whopping 231,000 addresses in the past seven days at a positive ratio with an average of 37,190 daily addresses.

Time will tell whether Bitcoin will indeed triumph to become part of the global financial system.

Bitcoin could have a better chance to succeed as an electronic payment method.

"I think the price of Bitcoin, on a long-term basis, will quintuple. Consumers over the long-run always go to convenience and Bitcoin is just convenient."

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