At the time of writing, bitcoin – the world’s number one cryptocurrency by market cap – has fallen an additional $200 and is now trading for just over $6,000.
Bitcoin Has Dropped Another $200
This means the currency has lost about $700 in just a few days. At the end of last week, the asset had reached a solid price of about $6,700 – a nice throwback to where it had been before all this crazy coronavirus panic. While this was still more than $3,000 less than its February high point, bitcoin looked like it was beginning to move up the financial ladder and that the asset was once again entering bullish territory.
The joy spread throughout the crypto arena, but now it looks like that good fortune wasn’t designed to last. The asset dropped to about $6,200 yesterday, and today has fallen to an even smaller figure. Granted this trend continues, many are wondering how long it will take before bitcoin loses all its recent gains and drops back into the dismal $5,000 range it was traversing through two weeks ago.
This has not been an easy run for bitcoin, and while it’s had greater drops in the past, none have happened this quickly. The currency fell from its 2020 peak of about $10,350 to about $3,800 within a matter of weeks, thereby knocking off relatively 70 percent of its value within a short period.
From there, it exhibited small signs of life to eventually spike to the mid-$5,000 range, but this was still about half of where it was trading in February.
From there, the $6,000 range came by, giving lots of investors hope about the future. Bitcoin was suddenly rising again, but this figure gave bitcoin a lot of trouble in that resistance was heavy, and the asset failed to spike as quickly or as heavily as it had in recent days. The currency never reached $7,000, even though there were a few times where it seemed like this number was right around the corner.
What Does Next Week Have in Store?
Now, the currency has dropped even further. Perhaps this is simply a case of the weekend blues; bitcoin has dropped during previous weekends when trading tends to fall off its hinges, only to recover the following Monday once doors are open for business yet again. These latest drops occurred on both Saturday and Sunday, so perhaps these next five days will help bitcoin to turn its life around.
This latest drop mirrors one that occurred in 2018 in terms of how much has been lost. The asset was trading for nearly $20,000 in late December 2017 which got every investor excited about the big numbers the currency could reach in the coming weeks, though things didn’t last very long, and the asset later fell to about $3,500 by Thanksgiving of next year.