The cryptocurrency market in general and Bitcoin price, in particular, have fallen gloomy over the past 24 hours. This morning Bitcoin was trading at $ 38,978, down 1.2% from the previous 24 hours, or down $ 396. During this time, Bitcoin was trading as low as $ 37,388 and highest at $ 39,735.
BTC/USD 4-hour chart | Source: TradingView
Today’s Bitcoin price dropped, the cryptocurrency market was red
According to CoinMarketCap, Bitcoin transaction volume over the past 24 hours was $ 65.2 billion, market capitalization was recorded at $ 723.5 billion. Many large-cap altcoins have also plunged with Bitcoin. Specifically, Ethereum fell 6% to $ 1,606; Tether fell 0.4% to $ 0.997; Polkadot fell 4.3% to $ 19.79; Chainlink dropped 2.8% to $ 28.5; Bitcoin Cash is down 4.6%.
It is not clear why Bitcoin is reversing, but according to some professional traders, the cryptocurrency may adjust after skyrocketing in the past few days. Over the past week, Bitcoin is up nearly 18%, helping its market cap add more than $ 130 billion to $ 734.77 billion.
According to some analysts, the outgoing support of Tesla CEO Elon Musk contributed to the acceleration of Bitcoin’s price during the week. Besides, the US’s approval of the new economic bailout package worth $ 1,900 billion of President Joe Biden also has an explosive impact on the price of Bitcoin.
Besides, large organizations have been more involved in this market. Accordingly, Microstrategy has just announced the allocation of more than $ 1 billion to Bitcoin in 2020, MassMutual Insurance Group also invested $ 100 million and Square poured $ 50 million …
Since then, many investors expect Bitcoin to soon return to the peak of nearly $ 42,000, established on January 10.
You can see the BTC price here.
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