Despite the new year, Bitcoin is behaving as badly as it did in the previous year.
On Thursday, Bitcoin (BTC) which is the largest crypto-currency when it comes to market capitalization had witnessed a decline thereby reaching a value of $3,800 per coin from $4,000 per coin.
According to Business Insider, the last time it had a look, BTC was trading at about $3,807 which was down by 5.4 percent.
Bitcoin isn’t the only one whose price is dipping.
Ether was down by 11.8 percent whereas Litecoin witnessed a decline of 10.2. Bitcoin Cash was down by 12.9 percent.
These rivals of Bitcoin were under greater pressure than the largest crypto-currency.
eToro’s senior market analyst Mati Greenspan had stated that after the leap of Bitcoin earlier this week where it had reached a value of $4000, it appears that the market is now witnessing a reversal when it comes to the surge.
This is, in turn, is resulting in the decline in the price of XRP as well as Ethereum.
eToro is a global investment platform which is multi-asset.
Mati had also stated Bitcoin was unable to hold the momentum that was set on Sunday but despite this the most important thing to remember that the decrease in the price of the coin is still in the range which is broader i.e. $3000-$5000.
This means that the significance of this range must not be overstated.
No one till date has been able to indicate the exact reason which is behind this fall in Bitcoin’s price.
Words of Timothy Tam of CoinFi on Bitcoin
However the CEO as well as the confounder of CoinFi, Timothy Tam had told Bloomberg that he had observed that some person had done a transfer of 40,000 Ethers in the exchange system.
This was just an hour before the occurrence of the sell-off. CoinFi is a research firm which is Hong Kong based.
The previous year was pretty rough for the investors who trade in the digital-coin space, especially Bitcoin.
When Bitcoin and other crypto-currencies were at their peak.
The boom in the crypto market which had occurred in 2017 and eventually turned into a bust and had, therefore, resulted in the loss of about hundreds of billions of dollars when it comes to market capitalization.
This was as the investors were suffering from the plummeting of prices in the market. According to the data from CoinMarketCap which is a crypto site, the entire market of cryptocurrency had reached a peak on the 7th of January 2018 when it had reached a value of $813.9 billion.
However, according to the same data, by the 13th of December, the market was down at $103.9 billion.
After the selling on Thursday, Bitcoin is still up by 2.9 percent in the current year.
Source: Business Insider, Bloomberg
