Since the beginning of February bitcoin’s price started heading downwards, falling below the margin of $6,000 – the mark, which BTC had not seen since November 2017. After the past two weeks of price swings, bitcoin finally managed to recover to $10,000 on February 16, the rate at which it entered the month.
Bitcoin Recovering?
As of writing, bitcoin is being traded at $10,011 after growing as much as by 2.36% within the past 24 hours, according to Coinmarketcap.com. The peak of $10,324 the king of all cryptocurrencies reached a few hours earlier – at nearly 4 AM.
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In the meantime, according to Coindesk, today’s BTC high is $10,293, and it is currently traded at $9,841, showing an insignificant decline in price.
Notably, just 10 days ago bitcoin was desperately plunging, losing around 60% of its value since the beginning of 2018, when it was traded at over $13,700 per unit.
The coin keeps experiencing drastic gyrations after its price skyrocketed to $20,000 two months ago. Since then, bitcoin, as well as other cryptocurrencies, was predominantly going down, occasionally hitting highs like $17,000 on January 5.
Despite anything, it is too early to say anything about bitcoin’s complete recovery, as weekly charts show the $10,000 accomplishment does not seem to be stable. Just five days ago bitcoin was traded at less than $8,000, even though it started climbing up step-by-step till today’s high.
Market Responding
At the same time, bitcoin’s total market capitalization makes up nearly $168 billion, which is 35% out of the whole crypto market cap.
The whole cyber money market, following the lead of bitcoin, went through unpleasant swings too. On February 6, the total market cap reached the low of $279 billion. Remarkably, just on January 7, it overcame the marking of $820 billion, so between January 7 and February 6 total market cap lost about 65% of its supply.
Currently, the cap is over $470 billion, demonstrating some positive trends in recovery and heading towards the mark of $500 billion.
Meanwhile, the whole crypto market is developing randomly as some coins show 1-15% growth, whereas the others demonstrate a decline in the same price frames.
