At this point, there doesn’t need to be a reason for Bitcoin price to drop suddenly. The market is so volatile by nature it is almost pointless to look for why. So, in true fashion, yesterday’s sudden sell-off confirms just that.
There was no major market news reported, and despite this, Bitcoin price dropped 10% in a 24-hour period. Go figure.
The drop ended what was a (relatively) steady month for the coin.
Bitcoin Price Drop
Of course, where Bitcoin goes, others tend to follow, and so the entire market entered another period of sell-offs yesterday. Until this point, you could almost believe that the market would recover from December 2017’s mighty crash.
At the time of writing, Bitcoin price is valued at $3,693.
Crypto Market
The Bitcoin price decline was bad, but it wasn’t the worst. Other altcoins fared worst yesterday. Some of the day’s biggest losers included Ethereum (ETH), which traded down 15.4% selling for $126.31. Ripple (XRP) was also down 11.1% selling for $0.33. Litecoin (LTC) was down 14.9% at $32.99, and Bitcoin Cash (BCH) was down 16.8%, selling for $131.92.
According to CoinMarketCap, the entire cryptocurrency market value was down 10.6% in the 24-hour period, standing at $122.7 billion.
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Volatile
As stated, the crash needs no explanation, and no doubt won’t be the last. Bitcoin is a different looking coin in 2019 than it was in 2017. At its current value, Bitcoin price is down 80% what it was worth from its peak in December 2017.
It is for this reason that many people are torn over cryptocurrency’s ability to serve as a viable form of currency usable in everyday situations. The underlying technology of the blockchain underpinning every coin is considered a technological achievement useable for many purposes. The coins, as a payment system, however, tell a different story.
Featured Image: Depositphotos © sinenkiy
