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 it reached $19.300 and managed to stay above that price until November 25, before pulling back sharply.
Yesterday, Bitcoin began to fall at rates we are used to seeing, but in the early hours of November 26, a sharp drop losing about $1.100 in 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 large cryptocurrency exchange, said:
“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 during her panic market with the coronavirus. 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.