Bitcoin’s [BTC] price fluctuation has been seen as a new marker in the cryptocurrency industry, with the movement of the world’s largest cryptocurrency also affecting the rest of the field. Another point that was raised by a lot of proponents of Bitcoin was the similarity in price patterns formed during the recent bullish hike, with the rally that happened towards the end of 2017.
DonAlt, a Bitcoin supporter, recently pointed out a parabolic pattern forming from the point when BTC started climbing just before the New Year, to the price drop that occurred over the past couple of days. This pattern was similar to the one formed during Bitcoin’s all-time high when the prices fell once and continued falling.
“For the people that haven’t been around in a while:
This is what I’m referencing.
It’s a tiny version of this big boy.”
Users in the Bitcoin ecosystem have claimed that the pattern might be applicable just for the short-term and would not end up as the start of a crushing bear market, similar to the one in 2018. To put Bitcoin’s fluctuations into perspective, the ‘king coin’ has risen by 107 percent in the span of two months and June saw BTC fall from its hold near $8,900 to settle near $7,900. The price fall was significant as the cryptocurrency fell from $8,588 to $7,971 in the matter of a few hours.
At press time, BTC was trading at $7,982, with a total market cap of $141.602 billion. Even the market cap took a hit at the start of the new month because the world’s largest cryptocurrency breached the $150 billion mark earlier.
Bitcoin was also in the news after Andreas Antonopoulos, the author of Mastering Bitcoin, claimed that Bitcoin held the same disruptive capabilities as e-mail. He said,
“(Just like email technology), you will see many other applications emerge from the other properties of the decentralized trust mechanism system.”
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