After weeks of trading barely above $7,000, bitcoin (BTC) – the world’s largest and most powerful cryptocurrency by market cap – has unexpectedly fallen into the $6,000 range.
Bitcoin to End the Year on a Negative Point?
At press time, bitcoin is trading for just over $6,700, meaning it has fallen by anywhere between $300 and $400 over the past 48 hours. There are no valid reasons given for the sudden and dramatic fall, though one source is suggesting that Plus Token – a notorious Chinese Ponzi scheme – is allegedly beginning to liquidate its bitcoin holdings, which may be contributing to the negativity.
The fact remains that 2019, while stronger than 2018, has still been a rather lackluster (and albeit disappointing) year for bitcoin and most cryptocurrencies. As it stands, we’ve got two weeks left before 2020 rings in. That means that bitcoin, as it currently sits pricewise, has not even managed to double its value from where it stood during this time in 2018.
Furthermore, the currency stands at the halfway point of where it was over the summer. As we all remember, bitcoin peaked in July, reaching a whopping $13,600 during the midway point of the month. It’s embarked on a long series of slides and crashes since then, falling into the $10,000 range by August and hovering there until late September when Bakkt’s less-than-stellar debut came about.
This really seems to have done the coin in. At that time, bitcoin was trading for about $9,500, though Bakkt’s debut brought it down. The currency fell to about $8,100 within a matter of minutes, and while there have been a few spikes since then (BTC reached the $9,000 range once again in early November), none of the good fortune has lasted, and bitcoin is now lower than it’s been in nearly seven months.
What’s also disappointing is that these drops are occurring in December. For the past two years, this month has been synonymous with bitcoin gains. Many can look back on December 2017, for example, as a time of extreme joy. At that time, bitcoin had reached its all-time high of nearly $20,000 – a perfectly-wrapped gift in time for the Christmas season, and many were hoping that future Decembers would mirror this behavior.
Don’t Focus on the Present; Look to the Future
While last year gave us the exact opposite, some believed that this was simply a fluke – that the currency would somehow gain its speed and momentum back and that perhaps the month would simply be chalked up as a “bad time” for the world’s number one cryptocurrency.
At this point, however, we probably need to accept that bitcoin is going to end the year on something of a low note. Unless something very dramatic happens at the last minute, bitcoin enthusiasts should forget about 2019 and focus on what the new year can potentially bring.