- Bitcoin price dropped to $29,000 for the first time after 5th January
- Cryptocurrency market got under a very tremendous pressure until Bitcoin’s downfall
- Overall cryptocurrency market capitalization came down by by more than $100B
The world’s largest cryptocurrency, Bitcoin took a downfall and its price reduced to $29,000. It was a crucial breakdown because for the first time Bitcoin dropped below 30,000 mark.This resulted in heavy loss for the cryptocurrency market cap as it came down by $113B.
Is this Bitcoin’s future?
For the first time Bitcoin suffered this heavy loss, shredding below 30,000 mark. This not only affected investors but the overall market also suffered a downfall. There are also predictions that it can go below the 24,000 mark.
There are reports and predictions about the cause of Bitcoin’s downfall. Bitcoin became a very crowded trade for the investors to make profit out of it. Many big organizations have also previously said that investing in Bitcoin can be a risky investment. This statement proved the volatility of Bitcoin these days. This has created a havoc for many investors who were thinking to make a leverage out of it. This was proved by many social activities that happened during the Bitcoin trading process.Bitcoin has the largest market cap which shows that its loss is just like other changing market strategies.
Overall market scenario
During this situation, the cryptocurrency market suffered a loss crossing the $100B mark. Ethereum also got down by 9% which shows that every coin and its future depends on Bitcoin. Various investors and analysts feel that corrections are a part of the Bitcoin ecosystem.
As there are tremendous volatile activities in case of Bitcoin, the downfall can reset the clock of Bitcoin to start its journey and create new milestones. Many people also said that Bitcoin and its trade has many illicit activities. But it is not going to change the existing powerful scenario of Bitcoin. Many companies have already announced their future contracts with Bitcoin.
Although Bitcoin has suffered loss leading to the downfall of the cryptocurrency market, it can regain its strength in upcoming years. There will be many potential investors who are very supportive towards the future of leading crypto token. So Bitcoin can create a major revolution which is predicted by people and investors.
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