Bitcoin (BTC), the largest crypto on the market, saw its value drop by about 7 percent inside 24 hours ending on January 12, the lowest this month.
Bitcoin (BTC) fails to shoot away from US$4,000 once again.
The first-ever decentralized cryptocurrency was trading on January 11 at US$3,677.37 against the US dollar. This constituted a loss of 7.21 percent for the past 24 hours.
Prior to this, Bitcoin spent the entire January hovering around the US$4,000 level—at one point just above US$4,100—without running away from that point.
What a majestic dump. $BTC back to my buying area of 3500-3600. Below 3300 exit and reassess. I'd like to see BTC ending the day above 3700. Consolidation below 3600 (bottom of prior area) would tilt the balance towards further downside.
— Alex Krüger ?? (@Crypto_Macro) January 10, 2019
Today’s BTC price is a far cry from the value of the crypto this time in 2018. Despite reeling from a large sell-off, Bitcoin was still valued on January 12 last year at around US$14,100.
However, Bitcoin remains the largest crypto of all, with over US$64 billion in market capitalization.
Regardless of the current stale market, many crypto supporters believe that Bitcoin—or digital currency, in general—is still the way to go in the future.
One of them is computer engineer Nick Szabo, who suggested that banks might boost their gold reserves with cryptos in the near future. Once speculated as the mysterious Bitcoin creator Satoshi Nakamoto, Szabo explained that there would be “some situations” in which one financial institution cannot trust another with gold, a problem that—he said—could be solved with cryptos.
— Steph Vaughan??? (@GoodStephV) January 8, 2019
Meanwhile, known Bitcoin critic and top executive Jeffrey Gundlach predicts Bitcoin to rise by as high as 25 percent. On his webcast, the DoubleLine Capital CEO speculated that the crypto could reach US$5,000. However, he did not provide a specific timeline for his prediction.
Bitcoin remains as the biggest crypto on the market, with over US$64 million worth of BTC circulating—more than half of the global crypto market capitalization.