Bitcoin Is Down 15% From Its All-Time High

Over the past couple of days, Bitcoin’s price has fallen 15% from the recent all-time high. The cryptocurrency dropped more than $1,800 since the start of the day. The Bitcoin Price Index (BPI) data shows that in one moment, Bitcoin’s price was as low as $16,961 which marked a 10% fall on the day. However, the BPI also hit an all-time high of $17,801 on December 15th.

After climbing above the $19,000 level, Bitcoin fell below $18,000 on December 19th and later again during the day. The trading activity has brought the price back to the range that we saw on Saturday.
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The price of Bitcoin sinking below $18,000 and going up later is supposed to be a trend before every Sunday trading launched by the CME Group.

As it stands, the entire market cap of the cryptocurrency ecosystem remains at $600 billion, moving across the threshold for the first time yesterday. While altcoins are surging, Bitcoin’s price has not been so exciting this Monday, post the futures trading exchange. However, everything has to do with the rotation of money which is largely in the line with the cross cryptocurrency charts such as BCH/BTC, XRP/BTC, LTC/BTC and others.

Another source says that the sinking of Bitcoin has a lot to do with Coinbase allowing Bitcoin Cash trading, which put Bitcoin’s rival in the spotlight. According to Coinbase, customers are now able to buy and sell bitcoin cash.

Currently, Bitcoin Cash is stealing the show with its growth from $1,308 (December 10th) to $13,408 currently in less than 10 days. So, the price movements have a lot to do with people selling their Bitcoins and investing in altcoins or vice-versa. At the end of the day, the sink of 15% is nothing compared to the growth of Bitcoin this year as well as the growth of many altcoins to date.

In fact, for some this growth may be an additional motive to buy Bitcoin at a nice price and expect a new surge that will position the cryptocurrency over the $20,000 limit before New Year.