So bitcoin took another nosedive today falling to as low as $2040, an almost 10% fall in its price at which it's been trading for the most part of today. What was different in today's fall as compared to the one of yesterday was the time it took for the price to fall. BTC lost almost $200 in 10mins, moved between 2040-2050 for 5minutes and was back up to 2170 in the next 10minutes. Such flectuations sure cause a lot of panic but the provide perfect opportunities for the Opportunist, Best time to BUY!.
Here's a graph of today's price, the volatility is huge:
One interesting Observation from yesterday and that can be confirmed from today's drop is Bitcoin's immense Network effect on the cryptocurrency economy. As bitcoin drops nearly EVERY other cryptocurrency drops in value too. Take a look:
Interestingly, most of the crypto's have dropped today by a greater percentage than Bitcoin has. The only one's still showing a gain are Ripple and Waves. While Waves is less known Ripple is mainstream and it would be interesting to note how it fares in future Bitcoin price drops to establish a valid judgement on the matter. What's sad to note is that our beloved Steem is not free of BTC's influence either.
So what does this mean? For the long run investor it is worthwhile to note that bitcoin is the ultimate store of Value. As long as other currencies fail to break away from the influence of BTC's price changes on their own individual price, Bitcoin is going to remain the best store of value.