Bitcoin continues to dominate the crypto market, but it has seen its prices drop this week. However, some experts believe it will surpass its all-time high of £50,455 ($69,000), reaching £54,842 ($75,000) later this year. Express.co.uk explores the future of bitcoin in 2022.
In the past 24 hours, bitcoin prices fell by 0.05%, bringing its value down to £31,731.14 on January 15 at 10 p.m.
It was a tough time for this crypto as its value plummeted over the past few months.
Its current value is a far cry from its all-time high which it reached in November 2021, when the currency soared to £54,842.
But some models suggest bitcoin could reach between £36,561 ($50,000) and £54,842 ($75,000) in 2022.
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Guido Buehler, CEO of Seba Bank, told CNBC: “We think the price is going up.”
He added: “Our internal valuation models indicate a price currently between $50,000 (approx £36,561) and $75,000 (approx £54,842).”
But Mr. Buehler was less confident in predicting when bitcoin prices should rebound.
He said: “I’m pretty confident we’re going to see this level. The question is always the timing.
He said he believes bitcoin prices could test the record highs seen last November.
But he also added that volatility will remain high.
The crypto market has always been very volatile, mainly due to its lack of regulation and because it is largely influenced by investor and user sentiments of supply and demand, government regulations and hype. media.
These multiple factors combine to create enormous price volatility.
Could other cryptocurrencies rise in 2022?
Bitcoin is the world’s first cryptocurrency and dominates the crypto market.
According to Coinbase, it currently accounts for 31% of the crypto market.
Since bitcoin is such a big crypto, when it goes up and down, other cryptocurrencies tend to follow suit.
Today, for example, the second-largest cryptocurrency, Ethereum, vaguely mirrored bitcoin’s small price change as it rose just 0.15% in the past 24 hours.