At the time of writing, bitcoin has dropped to about $7,200 – a near $200 drop from just 24 hours ago.
Bitcoin: A Minor Drop, Nothing More
The currency is continuing its present volatile run, and there’s no way to predict how or where it will end up. November is typically a crazy month for the cryptocurrency – at least it has been in the past – but as the Thanksgiving holiday comes to an end, perhaps we can all be a little thankful that while this month did bring about a few scares, things haven’t been as bad as they were previously.
We all remember November of 2018 and the damage that was done to bitcoin’s value and reputation during that time. Two summers ago, the currency was traversing through the $6,000 range and stayed there for a few months. Many enthusiasts thought that the currency had peaked and was likely to remain at this position for some time before it made any drastic moves forward.
Well, the drastic moves came sooner than we anticipated, but they were in the opposite direction of what we wanted (and expected). Instead of traveling north at a steady pace, bitcoin continued to incur further drops that ultimately brought it down to the mid-$3,000 range by the time November 2018 rolled along. It was arguably one of the worst periods for the cryptocurrency, and things were looking bleaker than ever.
It ultimately took about five more months before bitcoin could turn itself around and begin showing signs of recuperation, and while the currency ultimately hit high marks in July of this year (it spiked to just shy of $14,000), it has still been a very up-and-down period, with most of that up-and-down activity taking precedence in November.
The currency originally started the month at over $9,500. Following a surprise surge in business for Bakkt and the positive blockchain comments that came from Chinese president Xi Jinping, the currency found itself spiking after what could only be considered a very dull and dismal October. Sadly, these gains didn’t last, and the currency later fell by more than $2,000 to trade where it presently is.
Still Rather Solid
Still, however, the currency – for all the wacky behavior it’s exhibited – is miles higher than where it stood during November of the previous year. From that point, bitcoin has more than doubled its price, so while many of us aren’t happy that BTC has still incurred losses here and there, it’s safe to say that it’s still relatively bullish by comparison.
So, from that sense, bitcoin – despite heavy value losses over the past few months – is still doing better. Granted our positive strength and ideas can help it retain its momentum, perhaps 2020 will yield stronger results, and this final month of 2019 can edge us into a very sturdy future.