Bitcoin tumbles after hitting all-time high of $2,700 USD
Quebex Fintech Inc. May 27, 2017
Bitcoin’s record-breaking surge seems finally to have come to an end after reaching a high of just over $2,7000 USD (approx. $3,630 CAD) on Thursday; the price of a coin currently shows as $3,070.36 CAD, as of 4pm, ET, Friday, on the CoinDesk Bitcoin Price Index (BPI).
This change represents a drop of around 15% in 24 hours and whilst previous dips in bitcoin have typically triggered a general rise in the altcoin market, this was not the case on this occasion; almost all altcoins are currently showing as red, Ripple (XRP) – up 8.6% since yesterday – being a notable exception.
This volatility comes after a week-long cryptocurrency boom period which saw almost all coins – most notably bitcoin and ethereum – experience unprecedented escalations in value.
Earlier in the week, the crypto market cap surpassed $90 billion USD (approx. $120 billion CAD) for the first-time ever, up more than 400% from $17.7 billion USD at the start of the year, according to CoinMarketCap data.
At time of press, the total cryptocurrency market cap has retreated to $80.1 billion USD (approx. $108 billion CAD), which, even still, represents an impressive year-to-date gain of over 350%.
Although many investors will have been stung by this dip, others will likely view this as a golden opportunity to scoop up coins for low prices, because, if this year’s crypto activity is anything to go by, this latest slump won’t last long.
This change represents a drop of around 15% in 24 hours and whilst previous dips in bitcoin have typically triggered a general rise in the altcoin market, this was not the case on this occasion; almost all altcoins are currently showing as red, Ripple (XRP) – up 8.6% since yesterday – being a notable exception.
This volatility comes after a week-long cryptocurrency boom period which saw almost all coins – most notably bitcoin and ethereum – experience unprecedented escalations in value.
Earlier in the week, the crypto market cap surpassed $90 billion USD (approx. $120 billion CAD) for the first-time ever, up more than 400% from $17.7 billion USD at the start of the year, according to CoinMarketCap data.
At time of press, the total cryptocurrency market cap has retreated to $80.1 billion USD (approx. $108 billion CAD), which, even still, represents an impressive year-to-date gain of over 350%.
Although many investors will have been stung by this dip, others will likely view this as a golden opportunity to scoop up coins for low prices, because, if this year’s crypto activity is anything to go by, this latest slump won’t last long.
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