Voorhees recently expressed his opinion on the bearish trend in the market of the world’s most dominant digital currency, stating that this bearish cycle is highly important for creation of a sound foundation and infrastructure of the cryptomarket.
From the historical standpoint, corrections were very important for the cryptomarket, taking place every two years for the last eight years since 2010. This was when BTC suffered its huge corrections, with the newest resulting in 67% decrease, accounting for the smallest correction percentage-wise.
Last two months of the previous year became memorable due to their unseen levels of speculations and interest addressed at the cryptomarket, with mass media only contributing to the extensively rising popularity surrounding digital assets. In certain corners of the world the Bitcoin’s value exceeded 20,000 US dollars, even reaching 24,000 USD in South Korea.
Those financiers who took active part in the life of the cryptomarket since Bitcoin’s early days were not dismayed by the subsequent correction the currency received, taking into account the fact that previously Bitcoin has already endured an 80% correction 4 times.
Still, such a major drop caused newcomers to the investment sector to lose significant amounts of money, which they carelessly invested into the emerging market of digital currency.
Despite the devastating effect the bear market had on the digital currencies this year, experts like Voorhees claim that this is a much needed correction to make sure that developers and firms inside the sector of digital currencies can establish a decent infrastructure to have control over the following wave of interest and demand.