Bitcoin experiences 8% price drop after record high
2 Min Read
This decline occurred after Bitcoin hit an all-time high of $73,777 on Thursday.
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Bitcoin is for sale at an Automated Teller Machine at the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, on Monday, March 13, 2023. (AP Photo/Ted Shaffrey)
On Friday afternoon, the price of bitcoin took a significant dip, falling by 8% to just over $67,200. This decline comes after the cryptocurrency reached a peak of nearly $73,800 the day prior, according to trading data.
The largest drop in bitcoin's price was observed on Binance, the leading cryptocurrency exchange by trading volume. At approximately 09:40 GMT, bitcoin recorded an 8.15% decrease to $67,228, before rebounding to $68,200 by 13:40 GMT.
Data from CoinMarketCap, a platform that calculates the average price across more than 20 exchanges, indicated that bitcoin was trading at $66,076 as of 09:15 GMT.
Thursday witnessed bitcoin hitting an all-time high of $73,777, surpassing the previous record of $69,000 set in November 2021.
Since the beginning of March, bitcoin's price has seen a cumulative increase of 9%, following a remarkable surge of over 40% in February. This surge propelled bitcoin's value from $42,600 at the end of January to over $61,000.
Read more: Bitcoin crosses $50,000 mark, records two-year high
Bitcoin to exceed $100,000 per token
A report by CNBC in December 2023 cited industry analysts who stated that Bitcoin is anticipated to keep surging in 2024, to possibly all-time highs of over $100,000 per token.
Compared to the trading figure of $16,500 at the start of 2023, Bitcoin has rallied over 160% and traded at over $44,200 at the end of 2023.
CEO of Ledger, Pascal Gauthier, was quoted by CNBC saying, "It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25".
In November 2021, Bitcoin hit a record high of almost $69,000, but nearly $1.4 trillion was erased from the market last year due to sector bankruptcies which came after the collapse of FTX, the world’s second-largest crypto exchange at the time.
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