On Sunday, Bitcoin took another nose dive wherein its value dropped substantially by about 6.4%. However, other digital coins, in particular, Ethereum and Bitcoin Cash have earned a great deal in value.
Currently, Bitcoin’s value had been hovering around US$ 33,897 which had fallen from the range of US$ 39,000 to 40,000. The nosedive was recorded in less than 24 hours’ time, when on Sunday Bitcoin’s value dropped to US$ 37,194. But the drop continued to severely damage the value of Bitcoin and brought it down at US$ 33,897. This could be termed as the all-time-big drop for Bitcoin since September 2020 till to date.
A day before the dip, Bitcoin had set up an ATH record when its value neared US$ 42,000. The current decrease had been recorded to be around 6.4% on Sunday and till date for 10% approximately.
Interestingly for Ethereum (ETH) and Bitcoin Cash (BCH), they both managed to earn a great deal in terms of their value surge. Ethereum went up for about 4% and reached at per coin value of US$ 1,340, which was its 2021’s all-time-high. Similar, was the situation with Bitcoin Cash (BCH) which too saw a massive surge of 14% and went up as high as US$ 625.
But unfortunately, as of today, the values of both, Ethereum and Bitcoin Cash, too had declined enormously. Ethereum had been trading on for US$ 1,116 while Bitcoin Cash had been trading on for US$ 498. In so far as all other major cryptocurrencies, the trending is downward with indication of going down further.
Litcoin’s value surge also shot-lived as on Saturday LTC spiked for US$ 185 per coin but came down suddenly. Currently the value of single unit of Litcoin had been nearing US$ 148.
Out of major and popular cryptocurrencies, only Tether, USDC, Zcash and Dai had been going up currently. Within the past 24 hours, all of them had earned gains for about 0.264 to 4% respectively.
It is said that Bitcoin’s value surge or dip reflects the entire crypto industry as a whole. If it is surging then other cryptocurrencies surge as well and in case it is going down so is the industry. However, as per the experts and crypto protagonists, the nose dive would not be for long and will end soon. They also said that the decrease also would not impact upon Bitcoin’s Bull-Run which continues to hold the field.
Meanwhile some of the experts suggested that Bitcoin will soon be traded over US$ 54,000. The rationale explained by them was relating to the stimulus package soon to be announced by US President-elect, Joe Biden. It is expected that US$ 3 Trillion package would be announced by Biden on 14th January. The package would simply steep value of Bitcoin.
