Bitcoin and other crypto were feeling the pinch as of Monday when selling pushed BTC to just under $3,400 per coin, registering its worst performance since mid-December.
Pulled down by considerable declines
Bitcoin hit a 6-week drop early this morning, retreating under the $3,400 mark as the broader digital currency market succumbed to extensive declines.
As of Monday, a single Bitcoin was selling $3,442.01, falling 3.5 percent since the weekend’s 4 p.m. level (Eastern Time) as reflected on the Kraken Exchange.
Bitcoin, the biggest cryptocurrency in the world in terms of market cap, hit an intra-day low of $3,395.79 earlier in the session, its weakest since middle of December, last year.
As of press time, nine out of ten cryptocurrencies by market cap hovered in the red zone on the CoinMarketCap charts, following a recent drop as of Friday.
The weekend discharge pulled the total market value of all cryptocurrencies down to $112.1 billion, as per CoinMarketCap update.
What the experts have in mind
Fundstrat Global Advisers chief, and staunch Bitcoin advocate Tom Lee disclosed in a Fox News interview over the weekend that 2018 “was not a good year because the virtual money market could not extricate itself from the string of smaller electronic currencies during the heavy sell-off.”
For eToro senior market analyst Mati Greenspan, “The crypto-asset development today is nothing more than technical.”
“There is no need for over-reaction at this stage. Bitcoin continues to trade within the fundamental area of support between $3,000 and $3,500, within the broader range of $3,000 to $5,000,” Greenspan said.
Meanwhile, key players in the virtual currency trade saw Bitcoin’s price skyrocket in 2017 courtesy of its massive global appeal.
Bitcoin ushered in the year with a market value just below $1,000 per coin before it exploded to over 2,000 percent to a peak of $19,515.
Will Bitcoin continue to fall? Share us your thoughts in the comments below!