Bitcoin Suffers Gradual Price Drop of 25% From All-Time High
Bitcoin has now suffered a gradual price drop of 25% after reaching a record peak of $19,783 per token on December 17.
The top-dog virtual currency’s price has recently declined to as low as $14,502 during the trading session on December 22. Bitcoin has historically experienced several major price devaluations after reaching its peak price, including a drop to below the $17,000 level on December 19. The number one virtual currency posted a drop of around $1,800 per token during the day.
According to financial analysts, the price decline could be due to the move by the investors to monetize their profits from Bitcoin’s recent meteoric gains into fiat currencies as the year 2017 comes to an end.
They added that the leading cryptocurrency may continue to experience price volatility during the period.
Another possible reason behind Bitcoin’s gradual slide is that the investors could be investing their money to alternative virtual currencies in their bid to find other feasible investments. This theory can hold water as shown by the decline in the prices of the other major cryptocurrencies after recently achieving record prices.
Based on data from OnChainFX, which monitors the price movements of virtual currencies, the top-20 virtual tokens in terms of market capitalization have all reached new record high prices within the past four days, Of the major digital currencies, the altcoins Dash, Litecoin, and Bitcoin Cash have all experienced price drops in the past 24 hours.
With the continuous decline in the price of Bitcoin, analysts are now predicting on how far can the leading virtual currency slide and if it can stage a major comeback in the very near future.