Few weeks ago, many suddenly woke up to the reality that Bitcoin was making significant gains on a steady and, not unexpectedly, a buy-rush hit the market; a crypto market that is already prone to volatility. As much as 13 percent of the value of the leading Cryptocurrency was dropped within minutes between Sunday and early Monday.
As Bitcoin drop over $1,500 in value, it turned out to be another episode that jolted investors to the reality of the unpredictability of the crypto market. And true to nature, many who had bought Bitcoin in a hurry, had to start selling off over fears that it could plunge even further.
But the core investors are keeping their cool, as this is something they are used to. The pre-2017 drops did not discourage them and, from what Style Hub Naija gathered from inside sources, a sizeable number of major Bitcoin traders and big earners are also having their hands in Ethereum.
That too is not a shocker, after all as much as 90 percent of those who invested in Ethereum are already in the green, that means their investments have started paying returns, both big and small.
Back to Bitcoin, the Crypto king has been struggling with the $10,000 mark for a few years now. So, what we will tell you is, don't invest blindly if you are considering it. Do your homework properly and cover your bases.
Rob Sluymer, technical strategist at Fundstrat Global Advisors, was quoted as saying, “Clearing resistance at $10,000-$10,500, which coincided with the downtrend line from the late 2017 highs and first-quarter 2020 highs, established a higher high for Bitcoin confirming a new tactical uptrend."
Thus, it would be quite interesting to see how Bitcoin fight its way out of this ceiling and surge forward in the days, weeks and months ahead, as a win for Bitcoin will sure create some positive chain reaction for other Cryptos.