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Bitcoin ain't dead yet, nowhere near. Bitcoin is currently sitting at a $115 Billion market cap with each Bitcoin currently being worth $6,728.33. The last time we saw a price point similar to this level was in early February, just 4 months ago. During that same month Bitcoin bounced back to over $11,000.
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Quora points to four important factors supporting Bitcoin's success.
2017 “Bitcoin hype” investors leaving the market
Negative media coverage
Political issues
A natural price correction after a 2,800% growth in value
They note:
"There has been negative news and political issues regarding Bitcoin but this is because the world still does not know how to look at Bitcoin and blockchain technology.
“So far most countries have actually been accepting Bitcoin and other cryptocurrencies, whilst a few countries have taken a cautionary approach.
“Once Bitcoin recovers in price it usually shoots to new highs if we look at its historical record, this bear market looks like a great opportunity to me, if you know any good products in the cryptospace, this is your discount season.
“Another way we can look at this is how Bitcoin grew almost 3000% in 2017 and only dropped down over 60% this year, compared to it’s growth this pullback isn't that bad.”
