Bitcoin Witnesses thunderous drop in price as it goes down to $6,600
Still on the unpredictable nature of the price movement of bitcoin, bitcoin on Tuesday , 17th of December 2019, dropped price- wise to $6,600 to the utmost amazement of all investors who are looking up to its increase in value this festive period.
While Bitcoin may be reaching a key support level, some believe that the cryptocurrency still has a large amount of downside potential.
As a result of this drop in the price of bitcoin, Bitcoin-rivals ethereum, Ripple’s XRP, bitcoin cash, litecoin, EOS and binance coin were also heavily sold off, wiping billions of dollars from the combined cryptocurrency market capitalization.
In the word of Jacob Canfield, a professional cryptocurrency trader, Bitcoin is not yet near a macro bottom in his eyes. He remarked that the cryptocurrency is likely to see a 15% drawdown from the current level of $6,600 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies.
The drop in the price of bitcoin is not out of expectation as generally the price of bitcoin is unpredictable and its obvious that as the price of bitcoin goes down, other cryptocurrencies also drop in value.
Bitcoin price is taking a painful nosedive, dropping close to $350 in just a few hours. BTC started the day at $6,915, at which point the world’s largest crypto coin continued to trade sideways before crashing down to its current trading price below the $6,600 price mark. BTC is showing a loss of nearly 5% for the day.
Meanwhile, XRP, the third-largest coin by market capitalization, is already showing double-digit pain, with losses of more than 12% on the day. XRP currently sits at $0.018 per coin, having dropped below the $0.20 mark for the first time since October 2017.
Altcoins are draining hard. Chainlink (LINK) is taking the brunt of the torment with misfortunes of over 13% on the day, while Cosmos (ATOM) and Bitcoin Cash (BCH) are demonstrating misfortunes of 12% and 10% separately.
The general cryptographic money advertise top as of now lounges around $176.5 billion, with Bitcoin making up 67.6% of the aggregate.