Apparently, the bears are affirming that its reign is far from being annihilated as it strengthens its grip, even more firmly around the cryptocurrency market. Bitcoin, the leader of the pack is consistently declining with each passing day.
There’s a growing possibility that the unexpected might overtake the big bull. Has Bitcoin fully bottomed? Will Bitcoin fall to $4,000? Is this the end of a bull run? Is Bitcoin soon to lose the number one spot?
Bitcoin has continued to shed losses since it fell below the $6,000 mark on the 14th of November, trading volume has declined by over $3 billion. After Bitcoin fell to $5,736, which it maintained for an entire day, the token fell to $5,645 and further declined to $5578, where it rested for two days.
Yesterday, Bitcoin opened at a trading price of $5559.74, with a decent daily high of $5653.61. The token’s daily all-time low for yesterday was $5559.74, coincidentally the exact same amount as its opening price for the day, after which it closed at $5623.54.
At the time of this writing, the token has left traders in a state of commotion as it drops by 5.21%, suppressing its trading price to $5309.40. It is highly unlikely that the big bull can maintain the $5,000 level for the rest of the day, or for the next coming days. This can be credited to Bitcoin’s crippling trading volume which has moved from $7.39 billion, down to $4.73 billion in a span of five days.
The grass is certainly not greener on the other side. The Ethereum has also declined by 10.62% in the last 24hrs, dragging it from the $170 mark to sit at a trading price of $157.40.