The massive decline in the digital currency market doesn’t seem to be coming to an end soon. All the digital currencies in the crypto market are still plunging deeper. Even the world’s largest digital currency – Bitcoin (BTC) – is not exempted from the massive plunges.
Earlier this year, a lot of predictions about the value of Bitcoin (BTC) were flying in the crypto space. Bitcoin (BTC) saw a lot of bulls and prominent investors. A lot of analysts predicted a happy ending for the digital currency. Bitcoin (BTC) surged toward the $20k level towards the end of last year.
As a result of that trend, many predicted that the digital currency would surpass its all-time high by this end of this year. Novogratz also predicted that the value of Bitcoin (BTC) will surpass the $25k mark before the end of this year.
Bitcoin (BTC) Drifts Far Away from Its Predicted Values
However, the market has now moved in the opposite direction, and no one saw this coming. The digital currency which was predicted to surge over the $25k level is now trading below the $4k level. Bitcoin (BTC) has tested several lows over the past months. The digital currency is now trading at a level which was last seen in September 2017.
Bitcoin (BTC) Headed for another Weekly Low
Bitcoin (BTC) edged 0.5% higher to $3,272 at 9:35 AM in Hong Kong after recently declining by 6% in US hours. Bitcoin (BTC) has been struggling below the $3,500 level over the past couple of days. A few months ago, Bitcoin (BTC) exhibited a new trend. The digital currency showed a great level of stability for a period of two months.
Bitcoin maintained a steady price within the range of $6,000 and $7,000. That was the longest period the digital currency has maintained such a steady price range over the past years. While the digital currency maintained that level for quite some time, many saw it as a preparation period for a massive bull run. A bull run that would launch the digital currency towards the $20k level again.
The Crypto Market Has Suffered a Great Loss
When Bitcoin (BTC) rose, carrying the altcoin market along, the market cap of the entire crypto market also increased significantly. But as the digital currencies in the market continue to plunge, so is the valuation of the market. The crypto market was at its peak in January this year. However, due to the recent trend, the market has lost more than $730 billion of its value, according to CoinMarketCap.com.
The crypto crash has been attributed to quite a number of things. However, one of the major things that have affected the market is the failure of mainstream institutional adoption. Digital currencies are yet to gain widespread mainstream adoption and it is greatly affecting their values.
Once the adoption and use of digital currencies increase across the globe, more firms, organizations, and institutions will begin to see its benefits. This would increase the demand for digital currency, resulting in an increase in their value.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is changing hands at $3,313 after a decrease of 3% over the past 24 hours and a decrease of 3% over the past seven days. The digital currency currently has a market cap of $57.72 billion and its trading volume over the past 24 hours is $4.37 billion.