Bitcoin s volatility would need to drop substantially before it can match gold in terms of market value the bank s strategists said in a note monday. The bitcoin market crashed overnight with the price of bitcoin dropping by 11 in the last 24 hours.
Bitcoin bounces after drop from all time highs.
Bitcoin market drop. Bitcoin s price increased from 12 900 on october 24 2020 to over 19 000 just one month later making people think a new all time high record was just around the. The drop follows a peak of roughly 41 670 on. Over the last few months the bitcoin market has been on a major bull run.
Following that bitcoin become biggest financial service of the world after beating visa jpmorgan chase mastercard paypal and bank of america. This drop comes after bitcoin saw a historic all time high of above 40 000. Four market analysts on what they re watching published fri jan 22 2021 5 42 pm est updated fri jan 22 2021 5 43 pm est keris lahiff kerisalison.
Accounting for most of those losses was bitcoin which has pulled back 20 in the past 24 hours and shows little sign of stopping its drop but the world s biggest cryptocurrency wasn t the worst affected. According to coinmarketcap the over 17 drop in bitcoin price as of this writing has seen the entire crypto market turn red as major altcoins feel the gravitational pull of bitcoin s dominance. Bitcoin could see a short term drop following a near five fold increase since march.
After weeks upon weeks of new all time highs it seems the bitcoin rally may have finally come to an end at least for now. Ethereum saw 22 loses ripple 25 litecoin 25 2 and eos 28. However pierre rochard a bitcoin strategist at the kraken exchange points out that the sale would be a drop in the bucket compared to the robust trading activity in the btc market of late.
Bitcoin market cap continue to create new record as it recently crosses 500 billion marked. Today the 24 hour btc trading volume stands. In fact there was only one winner in the top 20 cryptocurrencies by market cap compound.
Indeed at press time the price of bitcoin was down roughly 20 percent sitting around 33 800 and poised for further drops. But the medium term market sentiment around btc remains overwhelmingly positive. While some analysts are saying that markets will shrug it off others seem to believe that the end of the current bitcoin rally is nigh.
Bitcoin continues dominance after hitting atm in december 2020 and now it already crossed 30k. After hitting a new all time high just over 34 000 on sunday the price of bitcoin sunk to approximately 30 900 at press time a decline of nearly 10 6 percent.