Bitcoin – the most popular cryptocurrency. A digital currency which has become so mainstream these days that prime time media shows are now covering the Bitcoin price movements! Cryptocurrencies are getting mainstream from parliaments to newsrooms and from dining table conversations to water cooler conversations. The popularity of Bitcoins continues to surge even at a time when the prices aren't as attractive as they used to be a few months ago.
Bitcoin prices peaked during late 2017 when they reached a high of over $19,000. However, from there, the currency has fallen by over 65%, which is a major, major fall in the price of the currency. Bitcoin has since been trying to recover, but the price continues to slide. Bitcoin price faces major resistance at various levels and a proper bull-run has been lacking for a really long time now. Moreover, negative news such as various social media outlets banning crypto ads has also had a negative impact. The Facebook, Google and Twitter bans all led to a fall in Bitcoin prices.
In addition to that, the Mt. Gox trustee who has been selling Bitcoins to pay off the debts of the company has also been another major reason for the fall in Bitcoin prices. With Close to $1.5 Billion worth of Bitcoins still in the possession of the man, there's a chance that he can still manipulate these markets and lead them into a crash.
Bitcoin prices over the past 24 hours have fallen below the $7000 mark. As of this writing, Bitcoin stands at $6759 – and continues to struggle to remain stable beyond $7000. At the beginning of the week, Bitcoin's price was $8477 and the market cap was $143 Billion. However, by the time the week ended, the currency fell to a low of $6752 and the market cap was down to $114 Billion. Basically, Bitcoin lost close to $30 Billion in a week! Over $4 Billion was lost every day from the market cap.
Bitcoin's market cap may be falling, but the market dominance is on the rise. From an all-time low of 32%, the current Bitcoin dominance has risen to a respectable 45% as people are disinvesting from altcoins due to an unstable market and putting their faith in Bitcoins. However, the biggest fear at the moment which is giving the bears a control over the crypto-world is the fact that there may be another, final fall coming which has the potential to take Bitcoin price down to $4000. While this is a mere speculation at this moment, there is a strong chance that such a fall may come, from where the $20,000 mark would become a distant dream, yet again.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.