Bitcoin Is Not Dead Nor Dying Despite Reports Proclaiming Otherwise

There have been a lot of reports pronouncing the death of Bitcoin. And yet the crypto market’s flagship cryptocurrency still persists even when it’s struggling to regain its previous $19,000 value.

As of this writing, Bitcoin is trading at $6,379 as bear markets continue to impose their will on the digital currency. So with all these news reports announcing Bitcoin’s death, is there an actual data set that can be observed in order to truly say that the cryptocurrency is certainly lifeless?

There is. And the fact that this is the case goes to show that not a lot of people understand the driving technology behind Bitcoin. At least those who are proclaiming its death.

There are four categories that can truly say that Bitcoin is dead, Seeking Alpha reported. These are Bitcoin’s network hash rate, number of unique addresses, number of confirmed transactions, and the community of developers.

If all four of these flatten out, then one can truly say that Bitcoin is dead. However, this is not the case at all. While Bitcoin’s price is indeed struggling, the categories mentioned above haven’t completely dropped to zero, with some of them even increasing.

For instance, Bitcoin’s hash rate – the decentralized computing power of the network – has increased by 100 percent in the last four months despite the bear market’s persistence. This indicates that a lot of people are still interested in supporting Bitcoin, which is vital to the cryptocurrency’s survival.

But knowing Bitcoin is dead is useless, especially to those investing in this cryptocurrency. What investors need to know is if Bitcoin is spiraling towards death. That way, they can still salvage their investments.

So is there any way to know if Bitcoin is on a death spiral? The answer, again, is yes. And the criteria that will determine this are also the abovementioned four. What’s currently happening in the Bitcoin market, especially the price drop, is not an indication that it’s dying but rather is a correction in value.

To put it in a nutshell, if people stop using and supporting Bitcoin, then the cryptocurrency will truly die out. But the fact that it’s still struggling to breach resistance levels is a clear sign that it’s neither dead nor dying.