Bitcoin BTC/USD is by far one of the largest cryptocurrencies in terms of both market capitalization as well as mass-market appeal. It has been the go-to token for a lot of newcomer investors and has been the benchmark in terms of how valuable the cryptocurrency industry is.
Bitcoin’s decrease in value and potential recovery
On January 21, El Salvador bought their cheapest 410 Bitcoins as the prices reached $36,585 per BTC.
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The Bank of Russia also called for an outright ban on cryptocurrencies due to the fact that, according to them, cryptocurrencies are threatening the stability of the Russian financial system.
This fresh addition to El Salvador’s BTC reserve was announced by President Nayib Bukele on Twitter on January 21, who confirmed that the purchase of 410 BTC was made with $15 million.
On January 22, Bitcoin slumped to $35,000 as cryptocurrencies extended steep losses. The Bitcoin Fear and Greed Index put Bitcoin at 11 (Extreme Fear) that it would decrease in value under its, at the time, $36,312 value.
This eventually came true due to the fact that, as of January 24, 2022, the value of BTC is at $33,687.39. However, due to the fact that BTC is currently at one of its cheapest price points, this might make it a worthwhile investment now.
Should you invest in Bitcoin (BTC)?
On January 24, 2022, Bitcoin (BTC) had a value of $33,687.39.
To get a better perspective on what this value point means for the Bitcoin (BTC) token, we will be comparing it to it’s all-time high value, alongside its performance throughout the previous month.
In terms of the all-time high value of the Bitcoin (BTC) token, it was on November 10, 2021, when the token reached a value of $69,044.77. This essentially means that at its all-time high, the token was $35,357.38 higher in value or by 105%.
In terms of the performance of the BTC token in December, we can see that on December 1, the token had its highest value point at $58,667.85.
Its lowest value point, however, was on December 20, when the token decreased in value to $45,736.21. This gives us an indication that from December 1 to December 20, the token decreased in value by $12,931.64 or by 22%.
Additionally, from December 20 to January 24, the token decreased by an additional $12,048.82 or by 26%.
With this in mind, if BTC breaks the $34,000 price barrier, then it might be a solid investment opportunity, but if BTC decreases under $33,000, then it might be worth reconsidering. Consider investing in BTC if you want to buy the dip, but be wary of its future price developments as well.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: