Bitcoin News and Finance Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’ Skip to main content

Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’

Bitcoin Snaps Back After Slight Dip, Current BTC Chart 'Is Near Identical to August 2017'

Digital currency prices are on the move again, after tumbling a hair downwards during Sunday evening’s trading sessions. On Sunday the price of bitcoin dropped -7.64% after touching a lifetime price high at $49,715 and then slid to $45,915. As trading sessions entered into Monday, BTC has regained some of the losses as it jumped northbound 4.62%.

Crypto Markets Shrug Off the Recent Dip

Bitcoin (BTC) and a slew of digital assets saw some significant losses yesterday, after a few crypto assets touched new all-time highs (ATH). BTC has been awfully close to the psychological $50k region, but hasn’t managed to cross the price zone yet. On Sunday, the price came really close at $49,715 per unit but tumbled downward after reaching that point.

BTC/USD chart on Bitstamp on February 15, 2021.

After sliding below the $46k zone, BTC is back up to the $47,800 to $48,150 region once again, but prices are still down 1.8%. The second-largest crypto asset, in terms of market valuation, is ethereum (ETH) which is swapping for $1,809 per coin. ETH tumbled yesterday, to a low of $1,710 per unit and has managed to regain much of the losses.

Top ten market valuations on February 15, 2021, according to markets.Bitcoin.com.

Cardano (ADA) slid to $0.78 per token but is back up to $0.87 per ADA. Polkadot (DOT) hit a low of $25.11 yesterday but is now swapping for $28.50 during Monday morning’s trading sessions. XRP, BNB, and LTC are all down a couple of percentages, but bitcoin cash (BCH) is up 2.77% and holds the ninth largest market cap.

Bitcoin cash is currently trading for $719 per coin and has a $13.4 billion market cap. The tenth-largest blockchain, in terms of valuation, is chainlink (LINK) which is exchanging hands for $33.86 per unit.

Jack Purdy: ‘Today’s Bitcoin Chart Is Near Identical to August 2017’

While many traders are discussing a few crypto markets reaching new ATHs, people are pondering if we are nearing the bull run’s top. On February 11, Civic founder Vinny Lingham said that when BTC reaches the $50k zone it should surpass it quite easily.

“Just a hunch, but I think bitcoin blows through $50k on the first attempt,” Lingham tweeted.

The August 2017 chart compared to today’s chart as shared by Jack Purdy on February 15, 2021.

In another tweet, Lingham shared on Monday, he referred to a chart shared by Jack Purdy, which compares the August 2017 BTC/USD chart with the current 2021 BTC/USD chart.

“It’s pretty mind-blowing that the bitcoin chart is damn near identical to August 2017. Anyone need a refresher for what happened next?” Purdy asked.

Lingham added:

Yup. This isn’t a bubble, yet. The next bubble is still coming…

A Healthy Correction and Regrets

Etoro’s Simon Peters said that even though BTC dropped in value after the peak, it was a perfectly normal correction. “Bitcoin climbed once more over the weekend, with strong buying on Sunday, propelling the price to a new peak,” Peters told news.Bitcoin.com in an investors note on Monday.

“Bitcoin rose more than 25% during the week, to finish at yesterday’s peak,” Peters continued. “The price boost came after a series of major announcements from companies, including Tesla. Tesla’s move sparked further announcements from other industries last week, with many of the leading names in banking and finance announcing similar plans to integrate crypto assets,” the analyst added.

Peters further stated:

Having peaked overnight, bitcoin pulled back marginally Monday to around $47,000, but this is normal as some investors opt to take profits.

Meanwhile, it doesn’t seem like the Chinese New Year crypto dump came to fruition this year. After prices were looking overheated, investors took profits and stepped off into the sidelines temporarily, but are now back. The fact that BTC prices are where they are today, is still quite surprising to some investors who missed the train. For instance, the head trader and founder of Asenna Capital, Assad Tannous, told his 95,000 followers a regretful statement.

“At $10k I said BTC would end in tears,” Tannous tweeted. “I was right, I don’t own any, and I could cry.”

What do you think about the recent price movements within the crypto economy? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory