Bitcoin is among those cryptocurrencies that have sustained heavy blows in the past, and the turnings of the crypto market have definitely left Bitcoin’s price with some staggering turns and twists. But never has it been this severe, and such a massive daily drop in its price has never occurred before. The all-time high price of $58,000 was only a momentarily accomplishment among the crypto enthusiasts, definitely not here to stay for long.
Historic Daily Price Drop
Bitcoin hit a massive drop of $10,000 in a single day, with the new price adjusting at $47,700 within the last 19 hours of reaching an all-time high of $58K. But soon after this tragedy, it has relapsed above $50K. As a result, Bitcoin lost its 1 trillion market cap.
The previous historical daily price drop sustained by bitcoin was on January 11 this year. It broke the $40k price level but then was hit with a heavy blow that compelled the price to drop around $32K. The $40k level was the all-time high then for Bitcoin, and such massive loss happened, but then it got itself together and went on to new all-time highs until this recent massive drop. If there is something in common in both these price drops, then it has to be the rebounding capacity of Bitcoin in such a tentative and less vigilant crypto market.
The recent drop came out as a shock to various investors, but the long-term players ignored it and didn’t give in to panic. This news is a heavy shock for the short-term crypto traders, though, as about $1 billion got liquidated today. All of this doesn’t come off as a surprise at all because the cryptocurrency has a way of regulating itself and the present crypto coins take the toll for it, such as Bitcoin has in this case.
The average drop rate for bitcoin remains about 20%, and it seems to be rebounding on and off to this same value every time. But it doesn’t mean that the coin might see a sharp decline in upcoming days; the past trends suggest that such immense fall and rebounding of the price means that Bitcoin might be on its way to set a new all-time high price point in the future.