Bitcoin [BTC], the first-ever cryptocurrency which led to the birth of all the other cryptocurrencies, has been facing the wrath of the bear since the past week. The cryptocurrency is continuing to touch new lows f`or the year, ever since it made a record by almost touching $20,000.
The market was ablaze when it went below the $6,000-mark. Following this, the sentiments of investors were crushed as the coin breached below the $5,000-mark this week. Currently, some investors speculate that the coin is going to plunge more in the market.
According to CoinMarketCap, at press time, Bitcoin [BTC] is trading at $4,628 with a market cap of $81 billion. The cryptocurrency has a trading volume of $7.6 billion and has plummeted 13.68% in the past 24 hours. The highest trading volume for the coin was pouring in from BitMEX and the second-highest trading volume was coming in from Liquid. The coin saw a slight dip below the $4,500-mark earlier today.
On BitMEX, the cryptocurrency is currently hovering around the $4500-mark. Moreover, the market cap has also seen a significant drop. It has plunged by almost $249 billion in comparison to its all-time high last year in the month of December.
In an interview with CNBC Futures, Jeff Kilburg, the founder of KKM Financial, opined that the cryptocurrency’s price is currently in the discovery mode. He said:
“We have seen Bitcoin Futures get taken to the wood shed. Once we broke that $6,000, we pierced $5,000, but this is what Bitcoin is all about.”
Kilburg further spoke about the price of Bitcoin during this time last year, when the cryptocurrency had decided to take the high hill. However, currently, the coin is down by 75%. The founder predicts that the floor for the coin is here, at $4,500.
Nonetheless, Anthony Grisanti, an investor, and trader believes otherwise. He predicts that the floor for Bitcoin is at $3,680. He said:
“I think a lot of this is liquidation from traders that want to book that loss by the end of the year because they could write it off. No ETF this year, no wide spread applications that were promised would happen. So it’s no surprise that this is all of the way it has.”