The BTC-USD rates are down by 70%. This seems like a stage of meltdown for Bitcoin. The overall decline of cryptocurrency is at 78% now considering its current price going down to $4,300 from its best high at $19,500.
Fear and panic have caught up with the cryptocurrency markets. The digital assets are melting away. Sentiments are going to the lowest levels. There is a lot of skepticism, and the sell volume is huge.
Investors are developing a lot of questions. They are wondering if they are dealing with a bubble in the current phase. They are looking at a forecast on how far the current price trend will go. They are not sure if they need to be watching from the sidelines or if it is the time to buy.
Everything about Bitcoin is a serious setback. None out there are sure if there will be a quick comeback of the Bitcoin with its dominance and hefty price tag.
Despite all, analysts are of the opinion that it does not make sense to count the Bitcoin out in the long term. They have to say that markets are often met with unexpected setbacks frequently. Some of these setbacks can even rattle the market. There have been several of such price drops in the market. They are considered to be a norm in any market, and this happening is not an exception.
There have been several bear markets for Bitcoin before, and therefore, it is expected that the Bitcoin will rise up from the ashes. The demand is set to increase, and this obviously implies that the prices will be substantially higher.
It should be noted Bitcoin is not alone in its meltdown. The price of the Bitcoin and other cryptocurrencies have been down by 15% in just 24 hours. There are those crypto coins that are faring even worse. Most of the major coins are in the collapse. Some of the lesser known coins are even down by 20 to 30%
The all-time highs of the Bitcoin were at $800 billion, and the market has collapsed down to $150 billion in just a little blow one year.
The major reason for the overall decline in the cryptocurrency market is from Bitcoin Cash (BCH-USD). The Bitcoin Cash had to go through a hard fork protocol upgrade, but several members were not able to agree to this trajectory. A split occurred in the blockchain. And, now there are two competing cryptocurrencies like Bitcoin ABC and Bitcoin SV. The complete chaos broke out. And, there is a fight for dominance in the Bitcoin Cash Network.
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