Hey ninjas, how’s the trading going? The largest and most popular cryptocurrency Bitcoin took an unexpected turn in the last week, Bitcoin formerly traded at $8,727 but lost nearly $2,000 in only 5 days, 22% of its price value.
Since Bitcoin’s massive price depreciation a number of theories have surfaced on Twitter as to why Bitcoins price dropped. Some crypto and Twitter users have linked Bitcoins price depreciation to a plus token scammer known as whale who reportedly dumped 7,000 BTC on Huobi, others believe that the drop in Bitcoin price is directly related to China’s vow to dispose of crypto exchanges.
The question assumed to be on the mind of every crypto user and investor is will bitcoin bounce back and regain its losses or depreciate further to close 2019? At press time the largest cryptocurrency Bitcoin is reporting losses of 9.12% in the last 24 hours and is trading at $6,609.
On the day, the majority of the top cryptocurrencies are in the red zone and reporting losses over 10%. The largest altcoin by market cap Ethereum is reporting losses of 11.08% in the last 24 hours and is trading at $134 at press time, the lowest it’s been since earlier this year in March.
The second largest altcoin, Ripples XRP is also reporting losses in the last 24 hours. XRP is down 8.23% on the day and is trading at $0.21 at press time.