In the trading hours on Sunday evening, after the price of digital currency plummeted, the price of digital currency fluctuated again. On Sunday, the price of Bitcoin fell to a lifetime high of $49,715, and then fell to $45,915, a decrease of -7.64%. As the trading session entered Monday, BTC recovered some of its losses, rising by 4.62%.
The cryptocurrency market sheds recent declines
Bitcoin (BTC) and a large number of digital assets suffered major losses yesterday after some crypto assets hit new all-time highs (ATH). BTC is very close to the psychological zone of $50,000 but has not managed to cross the price zone. On Sunday, the price was indeed close to $49,715 per unit, but fell after reaching that point.
After falling below the USD 46,000 area, BTC returned to the USD 47,800 to USD 48,150 area again, but the price still fell 1.8%. In terms of market valuation, the second largest crypto asset is Ethereum (ETH), with an exchange price of $1,809 per token. ETH plummeted to a low of $1,710 per unit yesterday and managed to make up most of its losses.
Cardano (ADA) fell to $0.78 per token, but rose back to $0.87 per ADA. Polkadot (DOT) fell to a low of $25.11 yesterday, but during the trading session on Monday morning, it is currently trading at $28.50. XRP, BNB and LTC all fell a few percentage points, but Bitcoin Cash (BCH) rose by 2.77% and remained the ninth largest market capitalization.
Bitcoin Cash is currently trading at $719 per coin, with a market value of $13.4 billion. In terms of valuation, the tenth largest blockchain is Chainlink (LINK), with an exchange price of $33.86 per unit.
Jack Purdy: “Today’s Bitcoin chart is almost the same as in August 2017”
Although many traders are discussing some cryptocurrency markets that will reach the new ATH, people are thinking about whether we are close to the peak of the bull market. On February 11, Civic founder Vinny Lingham stated that when BTC reaches $50,000, it should easily exceed it.
Lingham said: “It’s just a hunch, but I think Bitcoin lost $50,000 in the first attempt.” Tweet.
In another tweet shared on Monday, Lingham mentioned a chart shared by Jack Purdy, which compares the BTC/USD chart for August 2017 with the current 2021 BTC/USD chart.
“It’s shocking that the Bitcoin chart is almost the same as in August 2017. Does anyone need to review what happened next?” Pudi ask.
Yes it is. This is not a bubble. The next bubble is still going…
Healthy corrections and regrets
Simon Peters of Etoro stated that even if the price of BTC drops after the peak, it is completely normal. Peters told news.Bitcoin.com in an investor report on Monday: “Bitcoin climbed again over the weekend, with strong buying on Sunday, pushing the price to a new peak.”
Peters continued: “Bitcoin rose by more than 25% in a week, reaching yesterday’s peak.” “The price increase came after a series of major announcements by companies including Tesla. Tesla’s move. The week triggered further announcements from other industries, and many well-known companies in the banking and financial sectors announced similar plans to integrate crypto assets.”
Peters further pointed out:
After reaching its peak overnight, Bitcoin fell back slightly to around $47,000 on Monday, but this is normal because some investors choose to make a profit.
At the same time, this year’s Lunar New Year cryptocurrency dump does not seem to be realized. After the price seemed overheated, investors started to profit and temporarily went off-market, but now they are back. The BTC price is at today’s level, which is still surprising for some investors who missed the train. For example, Assad Tannous, chief trader and founder of Asenna Capital, expressed regret to his 95,000 followers.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoinwisdo.io, markets.Bitcoin.com, Jack Purdy, Twitter,
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.