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.
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BTC Price over the past 24 hours | Image: Coinmarketcap[/caption]
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.
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: 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.