What goes up with speed eventually falls; however, the statement has not been true about cryptocurrencies since its introduction, but now it has been observed that after hitting $28k, the price of Bitcoin fell more than 6% within minutes. This has been the biggest dip that Bitcoin had within 24 hours ever.
The rapid decrease in price is expected to be because of excessive selling during the rise of Bitcoin, contributing to the fall. The decrease in price was almost $2000 within a few minutes. In case you don’t know, Bitcoin had increases of unbelievable value after Christmas every day.
This falling down of the Bitcoin will have a catalyzing impact on the other cryptocurrencies. However, no matter how much the other cryptocurrencies jump high, they cannot reach the level of Bitcoin anytime soon. Although Ethereum is a very close contender to Bitcoin when it comes to rising in value, it is still not expected to touch the value chart anywhere near Bitcoin even during the downtime.
Bitcoin had experienced a rise of 15% in the previous 24 hours, which was significant due to its existing high value, which then became even more significant after the increase. Although the rate was increasing, no one was expecting it to fall anytime soon. It decreased back to the value of $26500 within a few minutes of reaching a milestone of dollar 28000.
According to the analysts, Bitcoin had made a rapid move during the previous few days and passed its own market cap for the first time. Which coin gained the biggest CME gap in history on December 27. Bitcoin was previously facing resistance on the value of Dollar 24000 and had to gain the interest of high funding investors to cross the value.
In the recent value increasing run, Bitcoin had attracted many new investors and buyers both. The analysts comment that other cryptocurrencies must learn from the marketing strategies of Bitcoin even during its low times to see how they maintain their reputation and value in the market. The Bitcoin sales are also expected to be record breaking in the coming year. Bitcoin has finally set its reputation flat after the dip during the epidemic. Investors showed more interest in the Ethereum as it proved to be epidemic resistant. Investors believed that as it was put down by the epidemic it will be a good investment in coming year as epidemic condition remains unpredictable.