The Bitcoin crash continues. The main cryptocurrency and the market, in general, are in a downward spiral. After a slight stabilization in the last few days, the Bitcoin price continued its downward trend yesterday and is moving towards the 50,000 dollars. Does the Bitcoin price go below the important mark?
After breaking the $ 60,000 mark, the Bitcoin price reached a new all-time high of over $ 63,000. Those times seem to have been a long time ago. Bitcoin lost a lot of its value in the last 1.5 weeks. In the past few days, it appeared to be stabilizing around $ 55,000. But yesterday, the price moved towards the $ 50,000 mark, and the Bitcoin crash continued.
The entire market is currently struggling with questions of trust. Rumors of US anti-money laundering legislation related to cryptocurrencies made the rounds. Above all, this damaged the reputation of Bitcoin among institutional investors. Furthermore, new regulations by the US government threaten the direction of crypto.
Although the entire market is affected by the current downtrend, we are seeing an increase in Alt-Coins in relation to Bitcoin over several weeks. After Bitcoin experienced its biggest spikes in January and February, the Ethereum bull market followed, shifted by a few weeks. The Ethereum increase was followed by some extreme increases in several Alt-Coins. Recently, Dogecoin experienced a huge increase in value.
The gain in the value of the Alt-Coins and the relative stagnation of Bitcoin in March and April have now reached a high point for the time being. As a result of the Bitcoin Crash, Bitcoin dominance on the market fell below 50 percent for the first time since 2018. The total market cap of Bitcoin is $ 1.02 trillion, the market cap of the entire crypto market is $ 2.13 trillion.
Bitcoin’s difficulties in recent weeks should continue to be seen in relation to the end of last year. In mid-December 2020, the Bitcoin price was still scratching at $ 20,000. The following 3 months were one of the most bullish phases in the history of the coin.
It would therefore not be surprising if we experience a flagging Bitcoin after the crash in the next few weeks. If confidence is rebuilt, especially among institutional investors, we could also see strong increases in the direction of a six-digit Bitcoin. Several predictions see the $ 100,000 later this year.
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