2018-11-21 15:29 |
Just last week, crypto investors were alarmed when the market fell $27.5B in just 11 hours. The downturn affected Bitcoin’s market capitalization which decreased by $14 billion. However, last week’s crash was just the prelude of an even bigger decline which just happened recently – a decline so steep that it set a new 2018 record low for Bitcoin.
Bitcoin Declines 23.8% in 2 DaysBitcoin, the largest cryptocurrency by market cap, fell to a new record low in the latest market decline which started on Monday. Based on data from CoinMarketCap, the crypto’s price fell to $4,272.11 as of November 21, 2018, at 4:29 UTC+8. The price is Bitcoin’s lowest so far this year.
The price also meant that Bitcoin’s value declined by $1,340.11 in just 48 hours. The coin was trading at $5,612.22 on Monday, November 19, 2018, at 4:34 UTC+8. Percentage-wise, the crypto lost 23.8 percent in value in just 2 days.
Bitcoin, Crypto Market ReboundsFortunately, Bitcoin is now retracing its drastic fall and is slowly inching back upwards. At the time this article was written, Bitcoin recovered from its lowest point by $373.46 and is trading at $4,645.57.
According to Forbes, the reason for the reversal of the decline and the current upward trend is that the sell-off is finally slowing down. Similarly, other cryptocurrencies are retracing some of their losses. Both Ether and XRP, which posted losses at around 15 percent in 24 hours, are now showing an upward trajectory as well.
Keep Your Head Down and BuildMeanwhile, cryptocurrency experts are offering some words of advice to panicky investors. While worded differently, the gist is that the crypto market has been very volatile in the past, so the current downturn is nothing out of the ordinary.
For instance, John McAfee the crypto enthusiast and computer security pioneer said:
“People have panicked. But there’s no … need. We’re in a bear market … I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring.”
Meanwhile, Binance founder and CEO Changpeng Zhao wants people to just ignore these temporary price swings and said:
“Been through this many times already. Secret of success? Keep your head down and build.”
Bitcoin Inches Back up After Falling 23.8% in 2 Days; Sets New Record Low for 2018 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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