As the cryptocurrency market struggles to reclaim the trillion-dollar mark it hit in early September, cryptocurrency traders and investors are concerned about Bitcoin (BTC) performance amid these bearish conditions.
In fact, as October’s bear market tracking data over the years shows, bitcoin has not fared well under these conditions, according to crypto analyst Ali Martinez, who published a chart documenting the historical monthly performance of the major digital asset in tweet On 2 October.
Additionally, Bitcoin underperformed in the two months to October 2022, losing 13.99% of its value in August and 3.1% in September. Since the beginning of the year to press time, the price of the cryptocurrency is down 58.86%.
More optimism about Bitcoin in other indicators
However, Bitcoin has done exceptionally well in the October bull market that has occurred over the past three years, adding 39.9% in October 2021, 28.04% in October 2020, and 10.48% in October 2019.
At press time, BTC is trading at $19,211, which is a 0.19% increase on the day, and 1.48% over the previous seven days. Meanwhile, Bitcoin’s market capitalization is currently at $368.54 billion, according to CoinMarketCap data.
Moreover, miners seem unfazed by the current bear market, as evidenced by the bitcoin mining hash rate that hit a new record high of 240.208 million TH/s on October 2, as reported by Coinphony.
In addition, investors are abandoning fiat currencies like the euro and sterling in droves and flocking to crypto assets like Bitcoin and Ethereum (ETH) instead, leading to a three-month high bitcoin trading volume.
Finally, it is worth noting that Robert Breedlove, founder of crypto investment firm Parallax Digital, recently stated that Bitcoin could exceed $12 million in 2031, thanks to the plunging purchasing power of the dollar, which he believes could drop to zero by 2035.
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Post-Bitcoin underperformed in October amid previous bear markets; More trouble for Bitcoin in the future? It first appeared on Coinphony.