It was just 20 odd hours earlier that Bitcoin’s price was US$ 19,277 and further high was expected. It was recorded that this US$ 19,277 price was the best price which was earlier seen some three years ago in 2017. However, the latest news suggests that the leading crypto had gone considerably low today. For the time being Bitcoin’s present value is US$ 17,311 and a further low is expected.
It was not clear though what was the reason why such a huge low had been seen for Bitcoin. But this was the highest low recorded throughout this year.
Earlier in this year, the cryptocurrency went through various ups and downs. But most of the time, the lows were in 2 to 3 figures. However, the current low was comparatively too much damaging as suddenly Bitcoin’s price went down at least by US$ 2000.
On the other hand, second-largest cryptocurrency Ether, too went low considerably. It was recorded that while Bitcoin went low upto 8.7% but, the low percentage for ETH was twice of Bitcoin’s. This meant that at least 17% decline in the price of ETH had been caused in less than 24 hours.
Resultantly the cryptocurrencies’ Index at Bloomberg Galaxy also recorded a 6% decline. This led Vijay Ayyar, Business Development Head of Luno, a crypto exchange platform, to say that a massive correction is required. He stated that people were too much relying on the Bull Run and at some point in time it was bound to stop. This is what happened right now, he added.
Some of the experts suggested that similar events took place some three years back as well. At that time, Bitcoin and others went down considerably, but retreated by fetching extra thousands in amounts. This time too, the experts are expecting that the history would repeat itself because more or less circumstances are similar to past.
Some even suggested that this reflects that the investors are trying to hold their crypto assets for longer period. This could be one of the reason why this huge low had been recorded today, they said. If this argument is accepted, then the possibility of fast gains in cryptocurrencies cannot be ignored.