This year has been really tough and hard on Bitcoin (BTC) and the entire crypto market. The trend exhibited by cryptos in the market has never been seen in the crypto space. While the crypto market is well known for its rollercoaster rides, the trend so far hasn’t really been impressive. By this time last year, Bitcoin (BTC) was in a rally of about 217 percent. A rally that saw it test its all-time high of almost $20k in December.
Bitcoin (BTC) Tests a 420-Day Low
Now, the world’s most dominant digital currency is down by more than 75 percent from its all-time high. The digital currency is even struggling to remain over the $4 level, a level which it last tested in September last year. The past week was really bloody for Bitcoin (BTC) and other digital currencies.
Bitcoin (BTC), which recently declined below the $6k level, plunged further towards $3,400 in a matter of days. Last week was indeed the worst the digital currency has seen over the past five years. Bitcoin (BTC) lost more than 30 percent of its value last week, causing it to test a new yearly low.
In the early trading hours on Sunday, Bitcoin (BTC) briefly tested $3,477. The last time Bitcoin (BTC) traded as low as this was in Sept. 2017, according to data on CoinDesk.
Bitcoin (BTC) Recovers Slightly Over the $4k Level
Bitcoin (BTC) is now on a recovery process after declining below the $4k mark. The digital currency is now trading slightly over the $4,000 level. However, other digital currencies are also on the recovery process. This is a normal trend in the crypto market. Whenever Bitcoin (BTC) plunges, the altcoin market goes along with it. Whenever it rises, the rest of the market will follow suit.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is valued at $4,034 after an increase of more than 7 percent over the past twenty-four hours. The market cap of the digital currency has surged to $70.18 billion. Its trading volume over the past twenty-four hours has also increased to $6.69 billion.
All the top twenty digital currencies in the market, except Tether (USDT), are now in the green. Some of them are even posting gains of up to ten percent over the past twenty-four hours. Ethereum (ETH) is up by about 8 percent over the past twenty-four hours. XRP (XRP) is also posting gains of about 10 percent over the past twenty-four hours.
The massive selloff this week is the largest the crypto space has seen since April 2013, according to CoinDesk. Back in April 2013, Bitcoin (BTC) lost more than 44% of its value in one week. The most recent troubles of Bitcoin (BTC) started in mid-November when it declined below the $6k level.
Bitcoin (BTC) has managed to maintain a stable price, within the $6k and $7k level, for about two months. The sharp decline in the value of Bitcoin (BTC) and other cryptos have been tied to a number of events. Some say it’s due to the increased scrutiny of the SEC on cryptos. Others believe it’s as a result of the split on the BCH network. However, the market is now recovering gradually, and that’s what everyone is looking up to.