Last week Sunday, February 17 the cryptocurrency market was looking all good and green, but the performance today is far from impressive. Bitcoin which was trading at over $4,000 for hours, suddenly declined to the $3,800 price level. That may be the least of people’s worry given that the virtual asset’s market cap shows that over 5 billion has been lost within two hours
Bitcoin Market Cap Was Around 72 Billion Hours Ago
While many may have expected bitcoin’s price increment pattern to be maintained just for a little while longer, the digital asset has done otherwise. Since January, February 23 can be said to be the most remarkable day for the digital asset given that it closed at $4,142 and its market cap was around $72 billion. The latter was an increment from the $70 billion recorded on February 22.
Nevertheless, Coinmarketcap’s platform as at press time shows that bitcoin’s market cap is about 67 billion. The latter can be compared to the 68 billion market cap that was seen on February 18 when the digital asset closed at about $3,900. At this point, it can be said that the bulls are definitely at work.
Market Performance Shows a Similar Pattern
It is also worthy to note that a similar pattern has been maintained given that 2 billion was gained in the market as at yesterday and within two hours today, billions were lost. Based on Coinmarketcap’s platform, bitcoin’s market cap as at 15.09 UTC+1.00 was around 72 billion. But then, as at 15:24 UTC+1.00, the market cap declined to 68 billion and an hour later, it hit 67 billion.
Ethereum, one of the virtual assets that had also shown a remarkable performance a few hours ago, trading as high as $164 has also taken a hit. The digital currency is currently worth $142. Its market cap of 17 billion within some hours, declined to 14 billion before returning to $15 billion.
Cryptocurrency Enthusiasts Show Confidence in the Market
Despite these trends, several cryptocurrency enthusiasts are still confident in the market. Dan Morehead, CEO at Pantera Capital while in an interview on February 1, stated that the fundamentals are stronger in this cryptocurrency winter in comparison with that of 2014. The CEO believes that with companies like Bakkt and Fidelity Investments offering a cryptocurrency custody service, more institutions will likely invest in these assets.
Spencer Bogart, Blockchain’s capital partner also believes that now is a good time to buy bitcoin especially if one has the intention of investing in the future. In line with Bogart’s comment, Josh Rager, a cryptocurrency analyst stated that this may be people’s final chance to buy 1 bitcoin given that the virtual currency might become unaffordable in the near future.