Yesterday the price of Bitcoin (BTC) continued to soar with the latest all-time high record approaching $ 34,700 yesterday. The surge did not stop at the crypto currency Bitcoin but other crypto currencies (alt coin) also recorded an increase.
Ethereum (ETH) on the other hand recorded its own history in less than 24 hours by jumping over $ 1,100 just now.
However, some traders feel sorry for not being able to participate in the Bitcoin price spike last week. Now prices are starting to decline from the highest level. Bitcoin dropped slightly below the $ 30,000 price on Monday after 2 days of reaching that level.
Bitcoin prices plunged as low as $ 29,316 as early as Monday morning, down 12% in the last 24 hours and then posted a record reading of $ 31,037.68 as of 9.50 p.m.
Jason Deane, an analyst at crypto advisory firm Quantum Economics, argues that the fall in the price of Bitcoin by almost 10% is due to traders starting to take short-term profits. Bitcoin is expected to make a price correction soon.
This year it can be seen that many analysts and traders consider bitcoin as a hedge of inflation that works like gold. A number of institutional investors have also shown greater interest in bitcoin by allocating some of their assets to invest in crypto currencies.
Bitcoin 2020 performance has shown significant progress as it did in 2017 when the price of bitcoin jumped to almost $ 20,000.
