Bitcoin price plummets below $7000, but quickly rises again.
People owning bitcoins are in a state of panic as the world’s most popular cryptocurrency is steadily declining in value over the past few days. However, there is a glimmer of hope as it has suddenly started to rise again, according to the recent price updates received.
There were days when everyone were fascinated seeing the way the price of Bitcoin was constantly increasing. However, the high volatility of the most valued crypto token has caused most of them to refrain from investing in it. Sudden and unexpected rise and fall in the value of bitcoin has been witnessed several times in the past. This time, it isn’t any different, as its value has plummeted below the $7,000 mark. This is the lowest it has stooped down to in the past 50 days!
At the beginning of yesterday (March 29), the price of Bitcoin was roughly $8,000 USD. Since then, it has seen a steady decrease in value and went on reach its lowest of $6630 at UTC 4:26 today. Crypto analysts expected the price to drop further and predicted that it would go down to as low as $6,000 USD.
However, Bitcoin has proved them wrong, which it has done time and again, and put itself on an upward curve. It has started to increase in value from UTC 4:57, as a result of which its current value is over $7,000 USD.
Despite the sudden decrease in value yesterday, the 2018 low of Bitcoin still remains to be on 6th February, which was $5,947. The variation in the value of Bitcoin has adversely affected the value of almost every other cryptocurrency, causing the overall market capitalization of all cryptocurrencies to fall to $256 Billion USD. This is the lowest it has reached in the past 3 months, after reducing by over 70% from its all-time highest during January 2018 (about $800 Billion USD).
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