Bitcoin breaks $18,000 and falls again
Whenever there is any news about Cryptocurrency, Bitcoin is always in the mix. Recently, $BTC packed its bags and with the support of the bulls, took of on a massive journey to the moon. People were ecstatic because the climb was massive. From being valued at below $12,000 on 18th October 2020, it high jumped all expectations and smashed $18,000 today. Experts claiming $20k and a new all time high for the Crypto King might not be wrong on this occasion because this certainly looks like a push for the top. As compared with the rest of the Cryptocurrencies, $BTC is outperforming them all and even though some Cryptos such as Ethereum and Tyslin have grown massively as well, they still cannot compare to the growth that Bitcoin has taken in the past month. At the time of writing, $Bitcoin/$USDT is currently trading at $17,800.
Its not all good news for Bitcoin enthusiasts at the moment because just a few minutes after breaching the 18k limit and making a new yearly high of $18464, Bitcoin dropped hard and went back down towards $17,600 and has since then been trading steadily at its new value. It has only been a few hours since the incident and with the highly unstable nature of Bitcoin, we cannot say for sure if this will change shortly. In fact, most traders will probably have their money on the value shifting again. Whether it will be up or down, only time will tell.
As seen above in the daily trading chart on Coin Desk, $BTC rose steadily within hours to scale the $17,000s before pushing up more than $500 in an hour. But the decline was just as steep dropping back down to $17,600 immediately. On some exchanges, the price drop was more than $1000 showing the highly wobbly nature of its value. The following was reported from a Crypto analyzing site,
“In about 20 minutes, the price had lost over $1,000, going from a high of around $18,500 all the way down to $17,230.”
Traders are holding on to their hats impatiently citing $20,000 and a new all time high for Bitcoin by the end of this year. Enthusiasts and Bitcoin Bulls are preparing for an even bigger rise up to a $100,000 valuation. This is all speculation but it all depends on the trend. The $18000 valuation today is the first time Bitcoin has seen this range since that of its all time high 3 years ago in 2017. The main difference between $BTC and other cryptocurrencies is that Altcoins haven’t even recovered 50% of their losses back in 2017. Ethereum being the biggest example of this fact was valued at $1400 back in 2017 and now is struggling to break into $500. However, it is also showing signs of increase daily. This is also the first time that Cryptocurrency Market Cap Tops $500 Billion First Time Since 2017-18.
While many institutes and organizations have also put their money in Bitcoin now preferring them over Gold and other fiat investment options, we still don’t know if this trend will continue. We know for a fact that unforeseen drops do happen and that it has happened in the past. Covid-19 crashed the market and traders went into heavy losses. What are your thoughts on this article? Are you holding on to BTC? Will it cross its All time high by the end of the month? As always, please let us know your thoughts in the comments below and we would love to feature you. If you are interested in growing your own portfolio, Go check out Tyslin Exchange. For more updates, stay tuned on our socials, stay safe and keep trading!