Bitcoin has had a tough past 24 hours. Late last night (CEST), the price dropped sharply from $10,277 to about $9,600 – in just half an hour.
During Thursday morning, the price dropped as low as $9,320, according to numbers from Bitstamp.
From yesterday’s highest level, this is a decrease of over 9.3 percent.
“When the price has been stationary around a certain level for an extended period of time, a decline will eventually occur. This is an old truth in so-called technical analyzes, and therefore easily becomes a self-fulfilling prophecy when nervous bitcoin owners decide to sell just in case”, says crypto expert Totte Löfström to Trijo News.
Total market cap drops
At the time of writing, one bitcoin costs around $9,400. Bitcoin’s total market cap has also dropped from $183 billion to $171 billion – a decrease of $12 billion.
Despite the rapid decline in the bitcoin price, Totte Löfström is not particularly concerned about further drops.
“The price is still within the range we have been parked in since mid-June, $9,000 and around $13,000. If, on the other hand, we go down to a little below $9,000, there may be reasons to suspect that the price will go down even more”, he says.
Bitcoin currently accounts for 57.5 percent of the total market cap of all cryptocurrencies, according to Coinmarketcap.
