Bitcoin price dropped more than 4% during the day, leading to many other cryptocurrencies dropping dramatically

The world’s most valuable cryptocurrency plunged 4.1%, dragging many other coins, pushing the market into the red, causing capitalization to evaporate tens of billions of dollars. At press time, Bitcoin price was trading at around $ 58,354, down more than 3% in the past 24 hours. In the last 24 hours, Bitcoin price fluctuated between 56,644 – 59,713 USD (lowest-highest).

bitcoin-price-dropped-more-than-4-during-the-day-leading-to-many-other-cryptocurrencies-dropping-dramatically

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price decline, market bloody

According to Coinmarketcap, the volume of Bitcoin transactions in the period above was 59.6 billion USD, the capitalization was recorded at 1,072 billion USD. Many other cryptocurrencies are also plunging with Bitcoin. In which, Ethereum dropped 5% to $ 2,028, Binance Coin dropped 3.6% to $ 323.6, Cardano dropped 2.6% to $ 1.17, XRP dropped 3% to $ 0.589, Litecoin dropped 7%. Total market capitalization decreased by 3.84% and back to $ 1,880 billion.

It is not clear why the Bitcoin price slipped, but many professional traders believe that this could be just a short-term correction of the leading virtual currency before continuing to explode. Currently, Bitcoin is receiving strong support from early business institutions, with a different uptrend in 2017 largely driven by retail investors.

According to strategist Mike McGlone, Bitcoin can be traded for over $ 400,000 by 2022, if the market follows previous trends, which we have seen throughout 2013 and 2017.

McGlone is one of the crypto analysts. He also recently stated that Bitcoin is “on its way to becoming the global digital reserve asset …”.

Veteran trader and professional market analyst Peter Brandt are also bullish on Bitcoin, predicting the top cryptocurrency asset could rise by 250% to surpass $ 200,000 in the future.

However, there are also many doubts about Bitcoin in particular and the cryptocurrency market in general.

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