Bitcoin has fallen below $4,000 again during early trading today after climbing back to that mark following a yearly low of $3,593 yesterday morning.
Figures Not Seen Since September 2017
The past couple of weeks have not been the best for the crypto market. Around the time of the Bitcoin Cash hard fork, industry prices have taken a tumble, bringing the market cap down to $129.1 billion, according to CoinMarketCap.
Bitcoin, which had a flourishing end of 2017, had remained within the $6,200 to $6,800 price range for most of the summer and into September and October. For many, this signaled a period of stability for the currency. However, the past week has shown that the market remains volatile.
At the time of writing, Bitcoin is trading at $3,970, gaining a 2.98 percent rise in 24 hours. Its market value is currently worth $69.06 billion. During early morning trading yesterday, Bitcoin’s price fell to a low of $3,593, the lowest it has been since last September.
It bounced back to $4,115 yesterday evening; however, its value continues to fluctuate within the $3,900 and $4,000 range.
Compared to last week, though, across the board, green can be seen within the one-hour and 24-hour columns. The seven-day price changes remain in the red and highlight how far the coins need to go before prices are back to where they were.
For instance, Bitcoin remains down by 24.85 percent from its current price. XRP, which remains in second place, is down 20.77 percent in seven days. It’s currently valued at $0.38. Third-placed Ethereum is inching ever closer to the $100 mark, at $115, and is down by 27.49 percent. Bitcoin Cash is in fourth place, but for how long remains to be seen with EOS close behind. BCH is one of the worst hit with a drop of 42.61 percent over the past week.
Will Bitcoin Fall to $3,000?
Yet, while the market is down now, for some this isn’t something to worry about. In fact, many believe that it’s a normal part of the process; with every dip, there will be a high, as with every high there will, ultimately, be a low.
Tom Lee, co-founder of Fundstrat Global Advisors, remains bullish that Bitcoin will hit $15,000 by the end of 2018.
Yet, Michael Moro, chief trader of Genesis Trading & Genesis Capital Trading, thinks Bitcoin has further to fall. In an interview last week, Moro said that he believes the cryptocurrency will bottom once it hits the $3,000 mark.
For crypto bull John McAfee, though, he thinks everyone should just relax.
Do you think Bitcoin will fall to $3,000? Will you buy the dip if it does? Have you already done so? Let us know in the comments below.
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