(AmericanProsperity.com) – Cryptocurrencies, like Bitcoin and Ethereum, are notorious for their volatility and mystery. This week, traders panicked a bit about the Bitcoin market, forcing it into a harrowing tumble leaving many wondering about the future and longevity of cryptocurrencies.
Last week, the total value of Bitcoin reached over $1 trillion and the price per bitcoin reached nearly $60,000 this past weekend. But, on Monday, March 1, Bitcoin fell as low as $44,159 per coin, which is a 20% drop from its peak.
CoinMarketCap, a leader in cryptocurrency data, encouraged readers to think about their investments while watching the volatile market:
The latest plunge — to lows of $44,500 — suggests that bearish momentum is beginning to seep into the market. Are you bullish or bearish?#Crypto #Cryptocurrency #Bitcoin $BTC #BTC https://t.co/ftPKEAQmhu
— CoinMarketCap (@CoinMarketCap) February 26, 2021
Some analysts believe the $1.68-billion Bitcoin drop was spurred by pessimistic tweets from Tesla billionaire Elon Musk, saying crypto prices “seem high” and “like all data, is subject to latency & error.”
For now, the sell-off has seemed to level out. But, only time will tell whether traders are confident enough in the coin to hold on a bit longer until it recovers, or if another sell-off will happen and cause it to plummet again.
~Here’s to Your Prosperity!
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