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.<\/p>\n
But is Bitcoin still cryptocurrency investors should buy, or are there more profitable projects to look out for?<\/p>\n
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.<\/p>\n
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<\/a> and digital gold. Due to this, several legacy businesses and mainstream investors utilize digital currency as a hedge against inflation.<\/p>\n 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<\/a>. However, its appeal as a digital gold has seen investors continue to buy the digital asset.<\/p>\n This singular reason has seen crypto traders continue investing in the top crypto asset.<\/p>\n US Senator Cynthia Lummis said she still supports Bitcoin despite its downward spiral in the last couple of months.<\/p>\n NEW – 🇺🇸 U.S. senator Cynthia Lummis tells CNBC she \"absolutely\" still supports #Bitcoin<\/a> <\/p>\n \"Bitcoin is unique among cryptocurrencies\" pic.twitter.com\/pKHGR4OO6v<\/a><\/p>\n — Bitcoin Magazine (@BitcoinMagazine) November 15, 2022<\/a><\/p><\/blockquote>\n\n