Bitcoin is experiencing a continuous decline in its value as it is currently trading below the $6k mark. The value of the digital currency slumped overnight as a test to the $5,000 level is a possibility right now. Nevertheless, an expert in the industry said that after several recoveries, the digital currency is getting stronger and starting to gain trust in the crypto market.
Bitcoin Price Today: Current Price of BTC
Bitcoin has lost 3.6 percent of its value in the last 24 hours, and it is currently trading at $5,880. The digital currency also experienced a decline in its total market cap, which is now at $101.27 billion.
The Comment of Brian Kelly
The CEO and founder of BKCM LLC – Brian Kelly, reacted to the price plunge of BTC on Sunday saying that “this isn’t the funeral for bitcoin (BTC) whatsoever.” The founder of Bitcoin.Live – Bob Loukas, said that the high volatility of today is part and parcel of waiting for the wear off of the excesses of last year bull market.
He also said that he agrees with the comment of Brian Kelly that bitcoin is far from its end and this won’t be the end of the coin but another trial after which it will emerge even stronger. From the view of an investor, the ability of bitcoin (BTC) to weather price collapses and multiple attacks, while remaining the most valuable digital currency in the market, is beginning to gain the trust of investors and traders in the market.
Robert Shiller – Nobel economics prize winner, told Bloomberg that BTC is a social movement popularity is distributed along geographic lines. He said the West Coast is more into it than the East Coast. He said it is an epidemic of enthusiasm, a social movement, and a speculative bubble, but that does not mean the digital currency is dying.