Bitcoin is known for its volatility, so it should come as no surprise that in the last day, Bitcoin lost nearly $3.000 in value as it neared its highest price of all ages. On November 24, the crypto-currency reached $19.300 and managed to stay at that price until November 25, before falling sharply.
Yesterday, Bitcoin started to fall at a rate we are used to seeing, but in the early morning hours of November 26, it started falling sharply, losing about $ 1.100 of its value.
After the first shock, its price continued to fall again. The fall in price is definitely disappointing when we look at a 7-day basis.
Speaking to CNBC, Antoni Trenchev, CEO and co-founder of Nexo, a major exchange encryptions, stated:
“In the long run, I don't see anything disturbing the irreversible rise of Bitcoin. That doesn't mean we won't have delays along the way. Look what happened in March. Bitcoin fell 40% in one day on duration of the coronavirus market panic. Bitcoin price drops of 20-30% should be expected.”
The highest recorded price of Bitcoin was $ 19.783 which succeeded in December 2017, the bubble then burst and the price dropped to just $ 3.122.
This month it reached $ 15.000 on November 5, $ 18.000 on November 19 and finally $ 19.000 on November 24. If you follow the course of Bitcoin, you will know that it will not be long before we find out if today's drop was just a gap or the beginning of a bigger price drop.