For just a day of trading, major decreasing movements were noted in the digital currency market for various traded cryptocurrencies. This movement was once predicted by various analysts and is one of the most feared events of all crypto-investors out there - the Crypto Bubble Burst.
Market prices of Bitcoin, Ethereum, Litecoin and other cryptos showed double digit decreases in just one day of trading. Before this had happened, there were series of previous market corrections and waves occurred in the previous days and weeks, however, this one is major shot in the head.
Bitcoin, the most traded currency, decreased by almost 12% as compared to the previous day. Also, it is the first time in a month or so that Bitcoin had traded below the $4,000 mark. As of the writing of this post, Bitcoin is trading at around $3,805, which is 24% lower than its previous all-time high of $5,005 a few weeks ago. This decrease in value is considered to be of significant worth, hence, some investors are now selling off their investments to prevent further losses.
Also, various analysts even predict that Bitcoin may trade around the $3,400-$3,600 range in the coming days. Others also predict that this decreasing movement will still continue and Bitcoin will settle at around $2,200 in the coming months.
Is the tremendous decrease in Bitcoin value the start of the predicted crypto bubble burst?
Pro-Bitcoins believe that this trend is not a bubble burst but only the effect of China banning cryptocurrency trading. However, others are pessimistic about the possibility of Bitcoin reaching back the $5,000 mark. Let's hope that this trend may correct in the coming days and weeks.
Aside from Bitcoin, Ethereum and Litecoin also showed double digit decreases as shown below:
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