The past year has been a tumultuous one for bitcoin, with significant fluctuations in its price. The asset began the year at a value of almost $50,000, but over the last 12 months, it has lost over 65% of its value in U.S. dollars.
Recently, bitcoin attempted to surpass the $17,000 mark after a relatively uneventful weekend. However, bears were able to push the price down, causing the asset to trend downward. This shows the ongoing volatility of bitcoin and the impact of market forces on its value.
In the past few days, bitcoin has experienced a series of price dips, starting with a drop to $16,500 yesterday. This marked an 8-day low for the asset at the time. Unfortunately, the situation did not improve in the following 24 hours, with the price falling even further to $16,400.
The value of Bitcoin (BTC) has since recovered by about $100 and is currently trading at $16,500. However, it is still slightly lower than before. Despite this, BTC’s dominance in the market compared to other cryptocurrencies (altcoins) has remained strong at 40.1%. However, the market capitalization of BTC is currently below $320 billion.
Jason Pizzino, a crypto trader and analyst, has predicted the price of BTC for the next bull run. He told his subscribers in a YouTube video that Bitcoin is not guaranteed to hit a new all-time high. In the video, he gave reasons for his bias, saying:
“Well, that’s the 50% [Fibonacci] level from the all-time high to the all-time low. And for Bitcoin, the all-time low is basically zero. So $34,500 needs to be overcome. Bitcoin also needs to take out its monthly swing tops to show that buyers are coming back into the market. That is going to be a major confirmation point for the macro players. Once that occurs then there’s a pretty strong case of Bitcoin hitting that new all-time high. For now, we can’t say that it will hit a new all-time high. What’s happened in the past is it’s always hit a new all-time high.”
On the other hand, the Solana blockchain, which has received significant support and praise from SBF in the past, has also been struggling since FTX and Alameda filed for bankruptcy in mid-October. Recently, the Solana project has seen a steep decrease in developer activity and a downward trend in price movements.
SOL also experienced a significant drop in value over the past 24 hours. The coin has fallen by 3.44%, and over the past week, it has declined by an alarming 23%. This has caused SOL, once a top-10 coin, to struggle to maintain a value above $9.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”