Bitcoin Breaks the $10,000 Barrier
Today, Bitcoin (BTC) has taken a nosedive, plummeting below the $10,000 mark, leaving many traders and investors staring at their screens in horror (and perhaps a little dopamine withdrawal). After briefly flirting with $11,000 earlier today, the leading cryptocurrency has now found itself in the depths of the sub-$10k ocean, according to the ever-reliable data from Coin360.
The Experts Weigh In
Market analysts have been engaging in some crystal ball gazing, predicting a correction of around 40% from BTC’s recent highs, which were hovering around $13,900. Well, folks, it looks like we’re on the brink of reaching this adventurous target. Popular trader Josh Rager chimed in, stating, “$9715 will be the 30% correction for BTC.” Such sage advice makes you wonder if he has a fortune teller on speed dial.
Current Market Conditions
The current stats? Bitcoin has lost a staggering 6.50% in the last 24 hours and is currently hovering just under $9,900. This week has been a rollercoaster for BTC, soaring up to $13,756 on June 26 only to come crashing down to the depths of despair this week.
Long-Term Perspective
In spite of the current turmoil, there might be a silver lining. According to holdcalc.com, BTC has been profitable for a whopping 98.2% of the days since it graced the market with its presence in January 2009. To put that into perspective, out of 3,830 days, it was profitable to invest in BTC on 3,671 of those days. That’s quite the track record, making even the most cynical investor perk up their ears.
What’s Happening With Other Cryptocurrencies?
Bitcoin’s plunge hasn’t spared the company of its altcoin friends. Ethereum (ETH) has seen its own share of troubles, dropping roughly 6% on the day and trading at $277. Even Chainlink (LINK), which recently strutted around like a peacock, is down by nearly 10% at $3.27. Say it with me: “Ouch.”
The Broader Market and Global Context
Meanwhile, the total market capitalization of all digital currencies has dwindled to below $300 billion, sitting at approximately $294 billion. On the other hand, let’s turn our eyes to Old Man Oil, which is basking in glory as U.S. crude futures surged $1.65 (that’s a sleek 2.8% increase) to reach $60.12 a barrel. Who knew a little friendly U.S.-China trade talk could make the oil market frolic again?
