The recent drop put bitcoin briefly down almost 18% from it's all time high.
Usually once an asset drops 20% from a recent high, it is said to have entered bear market territory.
Interestingly enough, bitcoin found support just before it could breach that 20% threshold.
Why the drop?
It looks to be good ol fashion profit taking as prices have shown some reluctance to charge much past $20,000.
The altcoin market had been booming over the past few days as traders likely diverisified some of their bitcoin gains and put that money to work in other coins.
LTC and Ether have been the primary beneficiaries, but many altcoins were at or near their all time highs. Including steem and sbd.
Overall the entire market cap of the cryptocurrency space still stands around $600 billion. A level it breached for the first time yesterday.
Sadly, steem is only sitting at #34 of the largest crypto market cap list. Worth about half of what bitshares is currently worth and 1/10th of what EOS is worth.
Things that make you go.... ugh.
Stay informed my friends.
*By the time I've finished writing this, bitcoin has already rallied about $600 off of those lies. The dips are still being bought fast folks.
