BTC price down by 10%

Bitcoin prices have become a household conversation now! Everyone wants to stay updated with what the latest Bitcoin price is. Here’s a quick Bitcoin price update from the past 24 hours – over the past 24 hours, Bitcoin prices have crashed to a 2-month low of $7800. While the currency has since recovered and bounced back by about $700, this fall proves that there is a major flaw with the support system of Bitcoins.

Bitcoin price and Bitcoin market cap go hand in hand. The market cap of Bitcoin fell from $157 Billion to $131 Billion in the past 24 hours. It has since recovered a little and is currently at $143 Billion. The Bitcoin market cap has been on a constant decline since mid-December when the currency reached an all-time high of $19,800. When Bitcoin peaked, the currency’s market cap was $336 Billion. This is a fall of over 50% since then.

BTC price update as on 2 February 2018
BTC Price over the past 24 hours | Image: Coinmarketcap

However, while it looks like every thing around Bitcoin has been on a decline – the only positive that has emerged out of this market crash is that Bitcoin’s market dominance has shot up by 4%. Bitcoin’s market dominance reached an all time low of 32% last month. However, ever since the entire cryptocurrency market began to crash, people began to invest more in Bitcoin considering it a safer option.

After crashing to a low of $7800, Bitcoin prices have since recovered a little and currently stand at a price of $8500. This recovery is likely due to the entry of bullish investors who thought that this 2-month low was perhaps the best time to invest in the currency. As of now it is impossible to predict the Bitcoin price moving forward – however, today’s crash has made it certain that Bitcoin’s movement is what dominates the movement of the other cryptocurrencies.

For more (BTC) Bitcoin price updates and news stay tuned to Cryptocrimson or you can also bookmark our page.

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 advise.

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Simran is a computer engineer. By choice, she is a writer and an editor. She loves playing and following football. An ardent supporter of the Barcelona Football Club, she also loves watching re-runs of ‘F.R.I.E.N.D.S’ TV show. Simran has been investing as well as writing about cryptocurrencies since 2013. You can contact her on simran@cryptocrimson.com

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