there are people who have millions of dollars worth of bitcoins in their possession. This represents around 0.4% of the total population of the world who have either direct or indirect experience with Bitcoin and, consequently, the cryptocurrency market.
People are becoming interested, and businesses are doing their best to incorporate the financial elements within their space in order to make the use of cryptocurrencies official. The data is breathtaking because if this is considered true, then the adoption rate for not only Bitcoin but also other cryptocurrencies out there is on the rise.
The number of people using bitcoin is growing.
The conception of cryptocurrencies, which are decentralized entities that are exempt from oversight by the centralized world, is one of the factors that is driving Bitcoin's supporters to expand the cryptocurrency's use even further than it already has in order to make it even more legendary than it already is. Mainstream adoption is the name of the game, and the proponents of the flagship cryptocurrency would not stop at any cost to let their ambition of making Bitcoin the mainstream financial vehicle fall to ashes. They believe that Bitcoin has the potential to revolutionize the financial system.
Although the process of adopting Bitcoin is proceeding very well, the asset itself is not, which means that the price of the asset is in ruins, and there does not appear to be any bullish run that is accompanying the cryptocurrency.
At this time, market corrections and a bearish market are smashing it; as a result, the price has dropped to the lows of $20,000 and is continuing to decline even now. If something substantial does not appear on the horizon anytime soon, then it is probable that the investors may have to incur some serious losses; many of these individuals are already jumping ship, and the least the cryptocurrency market can do is to ensure that these individuals do not drown.
But despite how ecstatic the cryptocurrency market may be, it does not have any validity or control over the volatile factor of these cryptocurrencies. The volatility factor refers to the change in the price of the cryptocurrency at any given moment without having to take into account the changing numbers or graphs that are supposed to give investors some kind of an idea about the future movements of the market.