The Bitcoin (BTC) price has fallen below US$10,000 again after being above the psychologically-important price for most of the past 10 days.
In the last 24 hours the Bitcoin (BTC) price has dropped by 5.10% to US$9,615. This drop came about with almost US$6.8 billion Bitcoin (BTC) changing hands over the last day. The plunge means that Bitcoin’s (BTC) market cap, which is the total number of Bitcoins (BTC) multiplied by the price, has fallen to US$162 billion.
Bitcoin (BTC) had reached a 2018 low of $6,135 three weeks ago but has strongly recovered, with many traders thinking that it had reached good value. The price improved all the way up to almost US$12,000 but has since fallen back.
I think a lot of this price fall has been profit taking. Many traders will be very happy with making almost 100% in a matter of a few weeks.
Bitcoin (BTC) isn’t the only one to be affected by this, it’s red across the board.
Ethereum (ETH) is down 2.74% to US$822.
Ripple (XRP) is down 5.4% to US$0.935.
Bitcoin Cash (BCH) is down 7.47% to US$1,153.25.
Litecoin (LTC) is down 2.4% to $200.60.
It remains to be seen if this is just a temporary fall or a resumption of the overall decline of cryptocurrencies that we’ve seen since the December 2017 highs.
What I do know is that I’d rather buy shares of exciting technology stocks like Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) over cryptocurrencies.
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