Cryptocurrency Popularity Soars as Bitcoin Price Surges on Institutional Adoption

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Cryptocurrencies have been gaining in popularity over the past decade. Currently, there are more than 22,000 digital currencies in existence, making the crypto space one of the most dynamic markets in the world. This huge number of coins, however, can be challenging to traders and investors as it is difficult for crypto exchanges to list them all. In addition, statistics show that nine out of ten blockchain projects will fail, with 83 coins disappearing in 2023 alone, due to a variety of reasons such as failed ICOs, no purpose, scams, or lack of volume.

Investors, therefore, tend to opt for coins that have a large market capitalization and are well-established in the investing community. An example of such a digital currency is Bitcoin.

The adoption of Bitcoin by institutional investors has changed its price dynamics. While the cryptocurrency’s value surged when it first traded above $1,000, it took years to break through the $20,000 resistance level. Now, however, Bitcoin’s correlation to traditional financial markets is much higher, making it unlikely for its price to experience such large movements in the future.

In conclusion, Bitcoin may be a good investment for the long term, but the growing adoption of cryptocurrencies will mean that its price is less likely to move the way it did before.

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