Bitcoin: from rapid growth to panic selling in just one year
Last week’s sell-off seemed to be a turning point for the crypto market. During this week only, the price of Bitcoin (BTC) has fallen by 20%, trading below $4,400 at one point today. It is worth noting that this was not a single sharp collapse as last week, but rather a systematic sell-off throughout the day. Markets participants are trying to sense whether this is the bottom, however no sure answer can be given.
Over the past week, the world’s leading cryptocurrency fell by $1,650 and at the moment there are no signs of recuperation. Bitcoin (BTC) was under intense pressure after breaking through the consolidation zone which was formed over the previous few months. The total cryptocurrency market capitalization plummeted by $52 billion over the week and market turmoil spiked the average daily trading volume by 62%.
The only question now is how low the new correction will turn out. Experts predicted a decrease in Bitcoin (BTC) to the area near $3,500, at which point the cryptocurrency will stabilize and receive some support from market participants. At the moment, we have the same “hype factor” which pushed BTC to $20,000 last year, but however in the opposite direction: from rapid growth to extreme fear and sell-off.
Over the past week, the world’s leading cryptocurrency fell by $1,650 and at the moment there are no signs of recuperation. Bitcoin (BTC) was under intense pressure after breaking through the consolidation zone which was formed over the previous few months. The total cryptocurrency market capitalization plummeted by $52 billion over the week and market turmoil spiked the average daily trading volume by 62%.
The only question now is how low the new correction will turn out. Experts predicted a decrease in Bitcoin (BTC) to the area near $3,500, at which point the cryptocurrency will stabilize and receive some support from market participants. At the moment, we have the same “hype factor” which pushed BTC to $20,000 last year, but however in the opposite direction: from rapid growth to extreme fear and sell-off.
