Bitcoin Dropped below $60,000, on Wednesday, November 17, but some analysts are still bullish on the market. This is even more accentuated by the fact that the coin was valued less than $18,000 by this time last year.
A comparison of the price of the top crypto assets with what they were worth last year shows that the coin market has come a long way. Market sentiments are still generally bullish.
Analysts such as Plan B predicted that the price of Bitcoin will soar up to $90,000 before the end of November. This may be doubtful considering the end of November is just 12 days away.
Be that as it may, historical data shows that BTC traded at $17,645 by this time in 2020.
The price of Ethereum was $480
BNB – $28.17
Prices of the top 10 cryptos 1 year ago:
(excluding USDT and USDC)
— Blockworks (@Blockworks_) November 17, 2021
In comparison with the present value of the tokens, we can see that the trend is still very much upwards. What we have is:
BTC – $17,645 to $59,691.36
ETH – $480 to $4,180.15
BNB – $28.17 to $572.01
Solana: $2.20 to $213.23
ADA: $0.10 to $1.86
XRP: $0.30 to $1.09
Polkadot: $4.84 to $40.99
Doge: $0.0029 to $0.2353
Shiba: $0 to $0.00004867
What is obvious is that the demand for cryptocurrencies will continue to rise as use cases increase. More practical uses such as NFTs and De-Fi will continue to drive the demand and despite corrections such as this week’s Bitcoin and some altcoins will become very valuable over time.
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