The crypto market had an excellent first half of the year with an impressively strong run, led by Bitcoin (BTC) and some altcoins. However, the month of July has brought with it its fair share of chaos and prices have fluctuated wildly.
Today, the crypto market lost a significant portion of its value, falling below $300 billion, as both Bitcoin and many altcoins plunged on the various exchanges across the world. The total loss of valuation was $22 billion at one point, and experts believe it could continue.
Bitcoin Breaks Below $10K
In the same way that it leads the rallies, the sharp decline today was also led by Bitcoin as it dropped below a critical level to $10,000. However, the drop in the BTC price also instigated a bloodbath among altcoins, many of which also lost a significant amount of value.
However, once the updates about the accidental Tether creation came through, the price of Bitcoin recovered significantly and touched $11,500. It remains to be seen how the crypto sphere fares over the next few hours. Based on the technical chart, the next support levels for Bitcoin are $10,100 and $9,800.
In other areas of the crypto world, Ethereum (ETH) slumped to $223, XRP to $0.306, and Bitcoin Cash (BCH) crashed to $302.
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At the time of writing, Bitcoin is trading at $10,129, down by 3.20%. The world’s largest cryptocurrency has lost 25% from its 52-week high since early July.
However, amidst all the doom and gloom that has currently pervaded the cryptocurrency community, it is interesting to note that crypto fund manager Timothy Peterson has made a highly bullish prediction. He stated that according to his model, the price of Bitcoin could be as much as $40,000 each by the end of 2019 and if that actually comes to pass, then one of the biggest rallies in crypto history is probably coming up.
What do you think?
Featured image: DepositPhotos © SectoR_2010
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.