As reported by ZyCrypto yesterday, Bitcoin’s trading price was dangling by a thread, and with the swiftness with which trading volume was dwindling, there stood a high possibility that the big bull may take a downturn in trading price and regain consciousness at $4,000 level.
Unfortunately, the last 24hrs have seen this come to play as traders mourn their loss and continue to predict what the next step might be for the highly promising cryptocurrency giant.
The trading price of Bitcoin as of this writing is seated wearily at $4695.74, sadly, this was more than twice the token’s worth, which was bubbling at $14112.20 on the very first day of January 2018. Trading places with the $5,000 mark, the $4,000 level has now become the newest Bitcoin all-time low for the year.
The genesis of the severity of the bearish market began on the 14th of November, and as unexpected as it may have been presented to traders on that day, a threat from BCSV’s proponent to miners was the first factor that had sworn to cripple the market, which it did, and since then, the token has lost $2,000 in a period of one week. Yesterday, Bitcoin fell by $521%, today, the token has fallen by %14.57%.
With each passing day, as traders continue to anticipate and speculate the unknown, they have also tactfully devised another means to narrow their losses down to the barest minimum.
While a few traders are still hell-bent on watching the bull make a comeback between December and the early months of next year, the rest have decided to stick to the bullish trends spotted in the world’s second cryptocurrency platform, Ripple.
Of course, XRP has also been affected by the bearish downtrends, it is the only token which managed to wring its long-term rival and throw it at it’s behind in order to claim second place.