By
Bhushan Akolkar
April 19th, 2024
Bitcoin is not the only cryptocurrency suffering from the drop – the whole cryptocurrency market goes down for no evident reasons.
People enjoy creating milestones. Round numbers attract lots of attention. Probably, that is the reason why the news of Bitcoin dropping below the $10,000 has generated a wide public response. The fall in price is not dramatic – but it made Bitcoin pass the important line.
Bitcoin price seems to be riding a rollercoaster. But while the end of the previous year can be compared to an extreme version for risk addicts, this February took Bitcoin on a slight and disappointing ride. The tone of the news on the dominant cryptocurrency changes every other day. On the 6th of February the price dropped to the low of $5,922. Just a few days ago – on the 20th of February – Bitcoin stated a recovery with the life-affirming high of $11,958. But today the positive trend is out of business.
The last 24 hours gave us lots of numbers in red: all the top 15 cryptocurrencies are going through a period of fall according to CoinMarketCap. Only 7 out of top 100 cryptocurrencies by market capitalization managed to keep on growing. At the moment the change in price of Bitcoin is the drop of over 6%. That may not seem to be a big deal; however, lots of analysts draw attention to the fact that Bitcoin is struggling to stay over $10,000.
The interesting fact about the ongoing fall of Bitcoin is the confusion of experts. Previously the changes in price got rather evident explanations like influential decisions of governments, creation of new cryptocurrencies and so on. At the moment Bitcoin is falling – and this is pretty much the only news one can find. Some call it a healthy resistance at the new rise, some see it as a sign of the weakness of the cryptocurrency. Nevertheless, it is practically impossible to come up with a rational reasoning of the Bitcoin drop.
The whole cryptocurrency market can hardly be characterized as growing. The total market capitalization is over $431 billion. Way better than on the 6th of February when it fell to the low of $276 billion, but still far from the record-setting values of December 2017.
Bitcoin is not the only cryptocurrency going through hard times. Its offspring Bitcoin Cash is down over 8 percent in the last 24 hours. At the moment that is the biggest loser out of the top 10 – it did not manage to maintain the $1,500 level. However, the story behind the fall of one more top cryptocurrency seems to be more intriguing.
Ripple has recently made some important announcement. The number 3 cryptocurrency adds 5 new clients across 4 countries: Brazil, India, Singapore and Canada. The technology underlying the cryptocurrency is also expected to be upgraded. However, these facts did not prevent the XRP’s 8% fall.
The market may be struggling, but Bitcoin is not going to lean back: as of writing, the price is $10,092.