The bitcoin price has fallen… Probably not in the same manner as Olympus or London, but it has seemingly taken a trip down south to the $453 range at press time, equaling a $15 drop since our previous price study.
Also read: Bitcoin Price Inches Towards $470, Will $500 be Next?
Bitcoin Price Takes A Dive, But Should We Be Worried?
Some may take this as a time to panic; that reaction may be premature. Things can appear scary at first, and we’re likely to be reminded of the troublesome year that was 2015 and bitcoin’s previous drop in 2014 from $1,000 to $600, but there’s not enough evidence to suggest such a drop is coming again. Bitcoin is still holding its ground, and as we’ve seen in the past, bitcoin’s price is only as good as its publicity.
Previously, discussions of bitcoin’s integration with Steam and the hype surrounding Segregated Witness meandered through Internet chat boxes, and they haven’t disappeared. People are still talking, and the news is still considered a high-mark in bitcoin’s controversial, but unique career.
One thing to consider, however, is the heavy drop experienced by ether last month. Thought to be one of the digital world’s more prominent altcoins, ether could likely have a larger hand in the cryptocurrency arena than we think. Cryptocurrencies are often interwoven; they utilize the same technology, and can bring each other directly to the top, or down to the lowest common denominator depending on the circumstances. It’s hard to say for sure if ether’s status is affecting that of bitcoin’s. Ether’s misfortune was first witnessed in March while bitcoin has endured an exciting few weeks, but it’s not something we can rule out entirely.
Others are being quite hard on Bitcoin, predicting a massive drop that will likely bring it down to the bottom rung (some say $300) before it begins any further escalation. As we’ve all seen in the past, this can happen at virtually any point in time. Cryptocurrencies, for the most part, are like stocks — they’re unpredictable and depend greatly on outside market influence to sustain flow, wealth and stamina.
But there is some good news to consider. Even if bitcoin were to experience a rapid decline shortly, we could expect things to return to their “bullish” ways by mid-summer. Through the aid of Bitstamp, interest in bitcoin is expected to rise heavily in Europe, and with an entire continent ogling digital currency and eager to get in on the action, we’re likely to witness bitcoin’s price spike again within just a few months.
So let’s not get scared right away. This is merely a minor stumble in a long trek up the financial Everest, and bitcoin hasn’t sprained any ankles as of yet.
Do you predict further falls in bitcoin’s future, or will it pick itself back up soon? Post your comments below!
Images courtesy of Dentons, bitcoindoc.com