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BTC Price Prediction – Is Bitcoin Heading Back to $17k Today

11/16/2022
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The foremost cryptocurrency, Bitcoin, slipped below the $16,000 threshold following the news of FTX’s crisis. However, the digital asset has shown resilience and is approaching the $17k price peg after 48 hours in the $15,500 support point.

But is Bitcoin still cryptocurrency investors should buy, or are there more profitable projects to look out for?

Bitcoin’s Native Fundamental Continues to Prop It Up

Launched in 2009, Bitcoin is the first successful digital currency. The digital asset relies on blockchain technology which records all transactions in a digital ledger. All verified transactions are immutable and cannot be changed.

The crypto asset’s major attraction has been its hard-cap limit of only 21 million coins that will ever be in wider market circulation. Several analysts have tagged it as a deflationary asset and digital gold. Due to this, several legacy businesses and mainstream investors utilize digital currency as a hedge against inflation.

Although Bitcoin has recently enjoyed meteoric rallies, it hasn’t been a smooth ride. The digital currency has hit a new two-year low following the collapse of the second-largest crypto exchange, FTX. However, its appeal as a digital gold has seen investors continue to buy the digital asset.

This singular reason has seen crypto traders continue investing in the top crypto asset.

US Senator Cynthia Lummis said she still supports Bitcoin despite its downward spiral in the last couple of months.

According to Lummis, Bitcoin is unique from other crypto assets.

Bitcoin: Bedrock On Which Crypto Relies On

Bitcoin has cemented its position as the top crypto dog with over 40% market share. The closest digital asset is Ethereum which controls about 19% of the booming ecosystem. Despite the emergence of 20,000 other crypto projects, Bitcoin has remained the darling of high-value investors.

Companies like MicroStrategy have continued to strengthen the Button portfolio. So far, the US-based software company holds the single largest Bitcoin war chest, over 130k in BTC wallet. However, severe market conditions have stunted the digital currency’s value growth. Is there still an avenue for investors to profit in the current crypto winter? Definitely.

TARO: The Making Of The Next Decentraland

Several crypto assets have been launched in the past month, but none have investors as excited as TARO.

TARO is the native token for the RobotEra project. The blockchain protocol is a metaverse concept focused on enabling a multiverse where users work to build their personalized world.

Launched early this month, RobotEra is building a sandbox-like planet-building metaverse where users assume the avatar of a non-fungible token (NFT) powered robot-like avatar. These users are then tasked with acquiring resources from the dead planet, managing their lands, creating robot companions, and participating in rebuilding the universe.

RobotEra also enables the development of a shared multiverse where players can connect to different worlds, open theme parks, visit museums, and craft an entire civilization in the virtual reality landscape. The metaverse concept operates similarly to the famous Decentraland metaverse project, but this comes with a story mode. This makes it a major crypto gem value-driven investors should take advantage of.

The RobotEra is currently in its presale stage and has clocked roughly $94,000 in investment raise. Early-bird investors can get the TARO token for $0.020 before the next round of presales.

While Bitcoin remains a popular choice for investors, projects like RobotEra represent the future of the blockchain-driven economy. The metaverse space is one most companies are looking into more seriously as the day goes by, and RobotEra could be the next step in a subsector that has yet to attain its full posture. Buy TARO on Presale.

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Source: https://insidebitcoins.com/news/btc-price-prediction-is-bitcoin-heading-back-to-17k-today