Bitcoin Topples By 21% Ahead of 24Hr Bullish Rise

IN 24 hours of volatile trading Bitcoin’s record value has proved stunningly short lived. The cryptocurrency copped a 21% bearish trade taking its unforseen high of $34,800 down to $28,204.5 by 10:17GMT.

The tumbling was Bitcoin’s largest since November 2020, where amid a sell off of Ethereum and XRP, the crypto giant experienced a 5.9% downturn to $16,242.70.

Investors however are not likely to be put off by the ever volatile trade as the cryptocurrencies 2020 rally had proved exponential. Bitcoin began 2020 at $7,200.17 (January 1, 2020) and closed at $29,001.72 (Dec 31, 2020).

While trade is speculative, institutional investment and recognition of Bitcoin as a contendable asset class, it is forseeable that trade for the world’s most popular cryptocurrency could muster.

Ray Dalio co-chairman of hedge fund Bridgewater Associates on Dec, 8th 2020 stated, ‘bitcoin (and other cryptocurrencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth.”

Bitcoin’s market cap is down to $575.7B, or 68.55%, maintaining its market lead of the total cryptocurrency market capital.

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