Today, December 17 marks an anniversary since bitcoin hit the $19,000 high for the first time ever. Moreover, this day marks a petty recovery of the most valuable cyber-coin after weeks of its bleeding.
Final Recovery?
Bitcoin has finally surpassed the margin of $3,500, for the first time since December 10 when it dipped. Since mid-November BTC started plummeting down. The coin has lost 80% of its value since it’s all-time December 2017 record of (if to be exact) $19,475, as per the coinmarketcap.com data.
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Image Source: coinmarketcap.com
In the meantime, CoinDesk informs that today’s change in bitcoin’s price has been its best daily performance throughout the fall. Even though the «big daddy| has lost 50% of its value within the past three months, in the last 24 hours it has gained 8,37% and is currently traded at $3,539.
Image Source: coinmarketcap.com
Green Light For Altcoins
Bitcoin’s slight recovery has also marked the better times for the entire crypto-market. As of writing, all top 100 coins listed on the coinmarketcap.com website, apart from TenX and Aurora are coloured green. Among 10 most valuable coins, EOS, Litecoin, Stellar and Bitcoin Cash are recovering the best. EOS is showing the highest result — 23.4% while others’ growth fluctuates between 11-14%.
It is important to note that from last year’s December until today the total market cap decreased from $592 billion to just $100.6 billion this week. As of writing, market value is $113.8 billion.
Here’s the opinion of Mati Greenspan, senior market analyst at eToro, cited by CNBC:
“As a relatively new concept, cryptoassets are still finding their feet in terms of value. It’s important to remember that all assets, in every market, experience a process of price discovery, and that cryptos are no different.»
The expert also added that this year’s turmoil is not novel for bitcoin, and it will «find its natural centre of gravity.» Everything, though, depends on time, concluded Greenspan.
