Bitcoin Price crash sees Cryptocurrency Lose 10% in less than 24 Hours

Bitcoin Price crash sees Cryptocurrency Lose 10% in less than 24 Hours
Credits: The Verge

Over the last 24 hours, Bitcoin market value has dropped more than 10%. Moreover, this has caused a price crash beyond the cryptocurrency market.

According to the sources, Litecoin, Ripple, and Ethereum have experienced even bigger losses than bitcoin. Plus, they have lost between 10% and 20% of their values.

The recent value crash follows numerous weeks of exceptional profits for bitcoin. It has seen its profit rise approximately $5,000 since mid-June.

However, its recent value of about $11,500 is still above the value it commenced the year on. Although, it is still time for Bitcoin to reach $20,000 that crossed in 2017. Additionally, the current losses occurred just when the company was about the set a new record for this year.

What cryptocurrency experts have to say about Bitcoin?

The cryptocurrency experts have stated that some investors will be confused by the maximum volatility of other cryptocurrencies including bitcoin.

Nicholas Gregoryeho is the founder of the blockchain firm CommerceBlock said that the main story is not that the bitcoin dropped by 10% but that individuals are still finding it hard to believe that why it is occurring.

He added that people who still believe in Bitcoin would surely be rewarded when Bitcoin enters into the large area. Marcus Swanepoel, CEO of cryptocurrency firm Luno also stated that at this stage of growth of altcoins, along with various sellers and buyers, there will always be a high level of volatility.

Such market movements are always expected for Ethereum, Bitcoin and other cryptocurrencies because the industry is still a decade old.

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