Bitcoin, along with the rest of the markets has had a very rough weekend and looks to be entering the start of the week with exactly the same sentiment. Bitcoin is currently priced at $5,168 at the time of writing following a 7.74% drop over the past day. Such is the same for the rest of the market leaving many investors fearful about what may happen next.
So why did this happen?
From what we can see, it seems like ‘the bottom just fell out’. If take a look back to Wednesday, Bitcoin opened at $6,326 but the next day it had dropped to $5,598 which is a loss of 11.5%. During this time, Bitcoin’s market cap slipped below $100 million for the first time in 12 months, the currency is currently funded by over $90 million, and with the price of Bitcoin currently being $5,200, things don’t look so good for the leading cryptocurrency with all this in mind.
There is even talk of XRP surpassing Bitcoin for the leading position by years end.
Of course, no one really knows what has happened here, although there was speculation of last week’s drop being caused by the Bitcoin Cash hash war. Bitcoin’s tumble coincided with the runup to the hard fork of Bitcoin Cash The new cryptos to surface as a result of the fork, Bitcoin ABC and Bitcoin SV were integrated through software code on the 15th November, this, in turn, could be one of the reasons for the fall of Bitcoin, though this is not conclusive.
As reported by Nasdaq, with all these losses for Bitcoin, the rest of the market followed in its path. Ethereum and XRP have swapped places in market cap but have also posted massive losses. Ethereum dropped nearly 15% and has even slipped a further 12% approaching the start of this week. XRP lost over ten percent last week but it made a bounce back somewhat and is up by over 5% in the early hours of today. The crypto market has whole lost twelve percent in the rout and is down a further three percent this morning.
Who knows when Bitcoin will bounce back? Will it ever bounce back?
What are your thoughts? Let us know what you think down below in the comments!