Despite a wave of bad news that has rocked the cryptocurrency market in 2022, digital assets remain resilient and Bitcoin is trading above $30k, having appreciated 80% YTD. HODLing appears to be the key to the success of Bitcoin, with personal digital asset wallets increasing in number following the price surge.
2020 has been a tumultuous year for investors in the crypto space, with the FTX scandal being the largest fraud in recent history and a $2 trillion bear market being the worst in the history of the industry. In addition, multiple crypto lenders have gone bankrupt and more than 300 lawsuits and regulation cases have come to light.
However, the market has responded positively and rewarded those who have remained loyal to cryptocurrencies. Bitcoin is currently trading above $30k and has gained 80% in value since the start of the year.
Recent research from the Bank of America has revealed the significance of HODLing in Bitcoin’s success, with hoarding in individual digital asset wallets increasing after the price hit $30k. This is a remarkable feat, especially when one considers that Bitcoin was valued at just 5 cents in 2010.
The cryptocurrency market is volatile and mania, despair and booms and busts have become the norm. Nonetheless, its resilience is impressive and it continues to attract investors.
