Bitcoin price drop
The cryptocurrency’s valuation of the crypto market increased from around $137 billion to $140 billion after a recovery of around 2 percent from Bitcoin price drop. The major cryptocurrencies and small market cap tokens have ended the day with some losses around 1 to 3 percent. The bitcoin price drop has seen it lost more than 27 percent in its fall from a few days ago. Usually, after the cryptocurrencies have dropped this significantly it tends to recovery in the midterms. BTC can also begin a demonstration of the stability at the low price range.
If the bitcoin price drop below the $4000 price range this should signal a bottom that a lot of investors are looking forward to, as the cryptocurrency goes through to mainstream adoption.
As noted by Hsaka a cryptocurrency analyst:
“Some nice buyback wicks showing up, but don’t think we’re out of the woods until a daily close above the green.”
Bitcoin has always recovered from previous lows with some major corrections before, between 2011 and 2014, bitcoin had recorded a decline of around 85 percent in its growth. Currently, Bitcoin, Binance Coin, and Vechain are the top performing coins today in the cryptocurrency market. There have been some tokens as well that has declined in price, however, there has been a short-term recovery period were Augur and Maker demonstrated gains in the 5 to 13 percent range.
The Augur crypto has fallen to more than 10 percent and Maker had a decline of 7 percent, even tokens that have performed well with BTC and the US dollar have lost a significant percentage of market capitalization. Awaiting the reaction of the U.S. Securities and Exchange Commission (SEC) and dozens of other pending cases against ICO projects that are being evaluated by local authorities.
The move with cryptocurrencies have been heavy these past few days in the market, there are still some huge projects, services, and products to be released on the cryptocurrency market.
What is your opinion on the bitcoin price drop? Please feel free leave comment down below.