While the cryptocurrency market struggles to reclaim the $1 trillion mark it reached in early September, crypto traders and investors are concerned about the performance of Bitcoin (BTC) amid such bearish conditions.
Indeed, as data keeping track of October bear markets over the years demonstrates, Bitcoin has not performed well in such conditions, according to crypto analyst Ali Martinez who published a chart documenting the flagship digital asset’s historical monthly performance in a tweet on October 2.
Moreover, Bitcoin has been performing poorly in the two months leading up to October 2022, losing 13.99% of its value in August and 3.1% in September. From the beginning of the year until the time of publication, the maiden cryptocurrency’s price has dropped by 58.86%.
More optimism for Bitcoin in other indicators
That said, Bitcoin was performing exceptionally well in October’s bull markets that occurred in the previous three years, adding 39.9% in October 2021, 28.04% in October 2020, and 10.48% in October 2019.
At press time, BTC was trading at $19,211, representing an increase of 0.19% on the day, as well as of 1.48% across the previous seven days. Meanwhile, Bitcoin’s market capitalization currently stands at $368.54 billion, according to CoinMarketCap data.
On top of that, miners seem to be unconcerned by the current bear market, as demonstrated in the Bitcoin mining hash rate reaching its new all-time high of 240.208 million TH/s on October 2, as Finbold reported.
Moreover, investors are abandoning fiat currencies like the euro and pound en masse and flocking to crypto assets like Bitcoin and Ethereum (ETH) instead, resulting in a three-month high in Bitcoin trading volume.
Finally, it is worth noting that Robert Breedlove, the founder of crypto investment firm Parallax Digital, has recently stated that Bitcoin might exceed $12 million by 2031, thanks to the collapsing purchasing power of the dollar for which he believes could drop to zero by 2035.
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