- Price of Bitcoin drops by 28%
- The drop resulted in losing faith of some investors
- Big holders say that these trends are quite common in the crypto market
Bitcoin has been one of the most popular coins since the origin of cryptocurrency. Recently this coin has achieved a massive milestone of reaching $40,000 ,the highest price achieved by any coin including the leading crypto token itself. But in the last 24 hours it plunged by 28% and has reached a value just above $30,000 and then recovered back to $36,000 in a very little amount of time.
TRENDS OF DOWNFALL IN THE PREVIOUS YEARS
Bitcoin has seen the most miserable period in the year 2017 where it experienced at least 6 pull backs which made the company’s comeback a bit difficult. These setbacks were considered to be more disastrous than the present 28% setback. The coin created by Satoshi Nakamoto, despite these hurdles, made its way back into the market and is presently standing at a value of $36,000.
SOME EXITS OBSERVED IN BITCOIN
Due to the sudden decrease in the price of Bitcoin some of the investors and customers lost their faith in the Bitcoin position and withdrew their share from the company. The leading token again rose to $36,000 which made the market of the coin unpredictable.
LOYALTY OF SOME BIG INVESTORS
Most of the investors felt that Bitcoin would recover from its downfall. Some new members even started investing into the company due to the low price that the most famous cryptocurrency in the world settled to. An analyst named Preston Prysh said in a podcast that this was the best time to buy Bitcoin.
So, despite many setbacks, the Bitcoin still stands strong like a bull in the trade market with its investors backing it faithfully.
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