- BTC’s drop from its ATH is a blessing in disguise.
- Over the past 24 hours, BTC’s price has risen by 3.34%.
- BTC’s price is also up by almost 9% over the past week.
A healthy retracement in crypto prices is catastrophic in the short term but is a blessing when it comes to the medium to long term. The crypto market leader, Bitcoin (BTC), has dropped more than 70% from its all-time high.
According to CoinMarketCap, BTC is currently worth $22,219.82 after a 3.34% increase in price over the last 24 hours. BTC’s price also reached a high of $22,242.90 over the same period. The king of crypto is also up 8.88% over the last week, as its 24-hour price rise has added to its already positive weekly performance.
In terms of market cap, BTC currently stands at $423,651,738,344. The token also saw an uptick in 24-hour trading volume by 11.32% to stand at $29,317,303,609.
Looking at the daily chart for BTC/USDT, the price of BTC has closed the last four out of five days in the green, taking its price up from its daily bottom of $19,270.70 to just below $22k — where its price was then met with sell pressure at the resistance level.
The daily chart for BTC shows the massive upside potential for BTC’s price. Most BTC investors may be looking at BTC’s current performance as a negative when focusing on how its price dropped from its all-time high. This is especially true if they purchased BTC when it was closer to its ATH.
However, there is still a good chance for a return on investment for investors that bought BTC when its price was still soaring. Due to the community not dropping from the ATH, there is still a chance BTC’s price will hit $100k. Now that the drop has happened, BTC’s chances of reaching and breaching $100k have risen significantly.