Bitcoin takes a $4bn hit after market cap price correction

By Callum Rivett
Share
Cryptocurrency Bitcoin saw a price correction wipe out around $3.4bn of value, with prices falling by 18.7% due to the revised market cap. It was a rev...

Cryptocurrency Bitcoin saw a price correction wipe out around $3.4bn of value, with prices falling by 18.7% due to the revised market cap.

It was a revision that saw the cap reduced from $40.49bn to $37.08bn in less than a week, which was then coupled with a $520 drop in the price of one Bitcoin. 

The digital currency had previously hit a new record high but failed to break through the $2,800 barrier, falling just $9 short before plummeting towards the $2,267 level.

However, it is unlikely to dissuade investors, with predictions that in the long-term Bitcoin could reach as high as $6,000 thanks to influences in the Asian market - particularly the fact that it has recently been declared a legal currency in Japan.

Despite the recent blip, Bitcoin has been trading about 200% higher than what it was at the start of the year.

Bitcoin is trading 200% higher than what it was at the start of the year

Ultimately, the easiest way to acquire Bitcoin is to purchase it from a friend or known acquaintance - mining the currency requires a vast amount of energy and computing power that would likely drain away any potential profits to be made.

The surge in popularity of cryptocurrencies is replicated with Ethereum, which has seen similar levels of growth. Having cost $8 in January, the decentralised currency started climbing in March and recently hit the $224 mark, before falling and then rising again and is currently climbing at $211.

 

 

 

 

 

Share

Featured Articles

Contentful Webinar: How AI is Reshaping Content Management

Software provider Contentful outlines technology transformation in content creation as market demands accelerate

How Bain & Company is Expanding its OpenAI Partnership

Bain & Company deepens collaboration with OpenAI to accelerate delivery of technology, establishing Center of Excellence for global industry solutions

EY Forms AI Council to Guide Global Tech Strategy

EY brings together 11 external experts from industry and academia to guide implementation of artificial intelligence across its global operations

How Toyota & NTT use AI to Create a Zero-Accident Society

AI & Machine Learning

Nvidia: Shaping the Rise of AI Humanoid Robots

AI & Machine Learning

Microsoft Reshuffles EMEA Leadership Amid AI Expansion Drive

AI & Machine Learning