Bitcoin, the world’s most popular cryptocurrency, has lost more than half its value since April. In particular, it records a drop of more than 55% from the historic high of almost $65.000 on April 14th.
Bitcoin has been trading between $31.500 and $40.500 for the past seven weeks. On May 15th, it fell below the average price of the past 20 weeks, “dragging” the less popular cryptocurrencies along with it. The past shows that when Bitcoin is below the 20-week average, altcoins (all cryptocurrencies except Bitcoin) find it difficult to hit a high record, let alone reach new highs.
Despite what financial experts say, there is no bear market on the horizon. More than 34.000 new investors are entering the market every day, which gives credibility to the view that the dip after April is just a common correction.
Bitcoin “whales” though continue to buy. Whales are important for the purchase of cryptocurrencies, as with their firepower they can affect it in various ways. According to the latest data, large investors have stopped selling and are strengthening their portfolio. This means that they see the current situation as a buying opportunity and estimate that prices will skyrocket again.
