This week, bitcoin fell below $ 10,000, which some analysts even declared it dead.
However, today charts of the main cryptocurrency change the direction from descending to ascending.
Cryptocurrency market is experiencing a downturn from the moment when the price of bitcoin has reached a record level of $ 20,000.
As the saying goes, a rising tide lifts all boats, and the ebb contrary. In other words, when bitcoin grows behind him grow and many other cryptocurrencies, but last and this week, bitcoin fell and most of the cryptocurrency followed him.
In fact, most of the top 10 cryptocurrencies fell and most well-known and stable cryptocurrency fell even more than bitcoin. Usually in the fall the number one cryptocurrency investors go into altcoins, but in this situation they had nowhere to go except into the cache.
Because of this, the total capitalization of the cryptocurrency market have dropped from more than $ 700 billion to $ 400 billion.
If you round up, the fall of bitcoin from about $ 14,000 to just under $ 10,000, equal to 30% fluctuation, which, in retrospect, relatively normal and expected.
Bitcoin faced three similar, if not higher drops in 2017:
It is too early to speak about return of the uptrend on the cryptocurrency market, but now it looks much more optimistic than they have been until recently.
The last collapse in the market, many analysts justify the strange situation in South Korea, where the Minister of justice stated that cryptocurrencies should be banned.
Until the last moment, the situation remained unclear, despite mass protests of the opposition and citizens who collected 200,000 signatures against the possible introduction of a ban on cryptocurrencies.