One can say, a certain solar eclipse is happening to Bitcoin too. On Tuesday, August 22, the price of Bitcoin, having spent most of Monday at around 4,000$, swiftly went down, dropping below 3,700$. Last time the cryptocurrency was at this level on August 12. Right now, Bitcoin trades about 3,800$. The price of Bitcoin changed by -10.28% in last 7 days, -4.47% in last 24hours, and 2.76% last hour.
The market capitalization of Bitcoin at the time of publication is at 63,7$ billion. It is worth noting that a number of traders express the opinion that the rally of Bitcoin probably reached its peak. However, is it really solar eclipse for it or not, it’s debatable.
Solar Eclipse for Bitcoin or Not?
Bitcoin has already passed several cycles. At the end of 2013, it cost more than 1000$. Then, it went on a decline, which lasted until January 2015. At the bottom point, the price fell as much as 175$. Now we again see a turbulent situation. The price of Bitcoin has quadrupled in one year (2017) and reached near 4,000s Statistically, the cryptocurrency grew by 350% this year and reached up to 4500$ earlier this month. Now, it’s on the decline again. On some exchanges, for example, Bitstamp and Bitfinex, the price of the cryptocurrency fell below 3600$.
Let us remind you, on Wednesday, August 23, the activation of the Segregated Witness protocol will commence. The aim of this solution is further optimizing and scaling of the Bitcoin network.
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The market of cryptocurrency is just beginning to develop. Is it really solar eclipse for Bitcoin? Or is it just a temporal storm? We shall see much more waves of enthusiasm and frustration. We shall also witness many ups and downs of the value of assets. The reason — rapid growth is impossible without shaking. So, a lot of tremors are likely to come.