02.10.2022

There is no doubt that bitcoin is the best cryptocurrency at the moment. Whereas, it does not have intrinsic value it is the most well-known and trusted cryptocurrency. That is why it is ranked the number one crypto in the world by market capitalization. However, things on the ground suggest that people are divesting from bitcoin. And there are several reasons for this.

Source: Bullfrag

Maybe one reason for the decrease in the dominance and prominence of bitcoin is the panic in the market following this lengthy crypto winter season.  As a result, many bitcoin investors have been selling-off bitcoin and many have moved their bitcoin holdings from exchanges into cold storage. The general economic climate world wide is also in dire strain, leaving many people with low purchasing power. Recently, the Consumer Price Index in United States rose, implying high inflation. And the world fears another global depression.

Understanding bitcoin tourism

During the period of bitcoin tourism many people invested in cryptocurrencies for speculative purpose. Investors who wanted to try their lucky in cryptocurrencies purchased bitcoin, among other tokens. As you can see, there were many risk-averse people who invested in BTC. Now the continued decline in the price of bitcoin has resulted in panic in the economy, so those investors who got into bitcoin are selling-off the BTC. So, they were like short term fanatics of BTC.  And the truth is that currently only die-hard believers in cryptocurrency in general and BTC in particular keep holding on BTC

That is why we say, “Bitcoin Tourism is over”. Get greater details from Glassnode.

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