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Bitcoin price plummets after historic highs, but has already partially recovered
04.01.2021 [20:36],
Vladimir Fetisov

After the bitcoin rate reached its all-time high on Sunday, exceeding $ 34.5 thousand. per unit, a sharp decline in the value of the most popular cryptocurrency was recorded at today’s auction. During the day, the price fell by about 17% and approached $ 28 thousand. per unit, but in the end bitcoin managed to win back some of the lost positions and its value again exceeded $ 30 thousand. per unit by evening.

The fall in the exchange rate looks significant against the background of a prolonged rise in the price of bitcoin, which only in December last year increased by about 50%. The source says the reason for the new bout of Bitcoin volatility is difficult to determine. Experts who believe in the power of bitcoin say that the reasons for the depreciation are the limited supply in the market and the incessant printing of money by the central banks of different countries.

It is noted that during 2021 the price of the first cryptocurrency increased by more than 300% due to the speculative activity of retail and institutional investors, who are confident that cryptocurrency is becoming the main asset class and can act as a store of value.

It is worth noting that yesterday’s Bitcoin record was reflected in other cryptocurrencies. So the Ethereum unit price today exceeded $ 1000 and reached a record high since February 20221. Cryptocurrency XRP linked to blockchain startup also gained 7% and traded at 23 cents. Litecoin has risen in price by more than 10% today and traded at $ 155 per unit.

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