Bitcoin is known for its volatility so it’ll come as little surprise for you to hear that in the last day, Bitcoin shed almost $3,000 worth of its value just as it was closing in on its all-time high. On November 24, the crypto peaked above $19,300 and managed to stay around that price until November 25 before sliding sharply.
Around 16:00 UTC yesterday, the crypto began to slide at rates we are used to seeing but in the early hours of today (Nov. 26) it began a sharp decline losing around $1,100 in value. On that shock, the price continued to decline until 17:45 UTC before levelling out again. While the price drop is certainly disappointing when looked at on a 7-day basis, if you zoom out to the monthly view you see that the price is still higher than it was in the first two weeks of November and could easily rebound.
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Speaking to CNBC, Antoni Trenchev, a managing partner and co-founder of Nexo, a large crypto lender, said:
“Long term I don’t see anything derailing Bitcoin’s irrevocable rise higher. That doesn’t mean we won’t have pullbacks along the way. Look what happened in March; Bitcoin plunged 40% in one day during the coronavirus market panic. 20-30% falls can and should be expected. Any healthy market needs to have pullbacks and periods of consolidation. Already in 2020 we’ve seen a gain of 160%.”
Bitcoin"s highest recorded price was $19,783 which it achieved in December 2017, that bubble then burst and the price fell drastically to just $3,122. This month it reached $15,000 on November 5, $18,000 on November 19, and finally $19,000 on November 24. If you’ve followed Bitcoin for a while, you’ll know that it won’t take long until we find out whether today’s dip was just a blip or the start of a bigger decline in price.