In an almost flash selloff in the last few hours, Bitcoin has hit a yearly low of $3350 and is currently trading at $3358.52 as reported by CoinGecko.
The sell-off is a continuing trend in the cryptocurrency markets as the king of cryptocurrencies has dropped from a range of $6200-$6500 to $3500 in a matter of days. Bitcoin’s market cap has dropped by a whopping $5 billion in the last 24 hours alone and about $15 billion in the last week, which is a clear indication of a rapid bear trend.
Bitcoin is down about 85% from its all-time high of $19,781 in December last year.
The total market capitalization now stands at $107 billion and Bitcoin dominance is at 55.2%. Many experts predict that $3000 level is unavoidable and $1500 per BTC is a possibility as well.
What do you think about this bear trend? Comment below.