on the Bitcoin, even if it meant its previous buys were at a higher price. The hope, however, is that the asset will improve in the long run, something that we haven't seen with cryptocurrencies in 2022. Last November, Bitcoin led the cryptocurrency market to a capitalization of $2.9 trillion, beating the likes of Tesla and even Apple if all the altcoins were products of just one company.
Along with being a mode of payments and finances, although risky, cryptocurrencies have turned into assets people have invested in. With the world staring at runaway inflation, central banks of various countries have hiked interest rates, which has seen investors drop cryptocurrencies like hot potatoes in search of safer havens to put their money in.
The cryptocurrency market has shrunk to less than a third of its November valuation. Last week, the industry saw , with cryptocurrency companies bracing themselves for the impact of a freeze in money flow in the near future. Following that, the Bitcoin valuation sank further and priced below $20,000, the worst in 18 months. Even as billionaires like Bill Gates and Warren Buffett have repeatedly written off cryptocurrencies, others like Musk have backed them. When a Twitter user asked Musk to show his support by buying more Dogecoin, Musk said that he was.