The crypto market has had one of the worst times in last eleven months. Where Bitcoin (BTC) has been going up and down almost this whole year. Well, Cryptocurrency is still a new industry and the market is still immature and the industry is in developing phases.
After an immense rise in Bitcoin’s price earlier this week from $3585 USD to as high as $4385 USD, BTC looks to set back again as the month of November is just about to end. The market has seen an enormous fall in its market cap up to $160 billion, which is quite high and this recent Bitcoin drop has been one of the worst drops in crypto market history.
Since Bitcoin (BTC) picked up a roller coaster ride the king of cryptocurrency has been a point of focus for the mainstream media. Bitcoin has innovated a new technology and has revolutionized the crypto industry. With the world progressing so fast, people wanted to see something exciting and that is when Bitcoin (BTC) came up with a blockchain technology.
Bitcoin (BTC) is still the leader of the crypto universe, but if BTC wants to remain up against the ranks for a long time, then it needs to make itself applicable to every user because assets like XRP (XRP) are chasing BTC with their rapidly growing technology (Ripple). Still, XRP is far behind BTC and it will take some going for XRP to takeover Bitcoin.
The crypto analysts are expecting Bitcoin to drop further and then enter a massive bull run. Well, they have a reason for that. Last year, this was the time when Bitcoin really started picking up the pace and went on to hit the price mark of $19,000 USD. The analysts see such type of a bull run coming for Bitcoin (BTC) and we are about to enter December, we can hope well for BTC.
The investors and users of cryptocurrency are highly being tested by this bear market, but they need to take some deep breaths and move in the fresh air, stay calm and be patient. This happens in a market and this bear market will not remain for a long time and we can soon see a bull run.
In the meanwhile, the Canadian Fintech Startup has started the Bitcoin (BTC) payment feature. Glance Technologies Inc., a mobile company which has included the support for BTC as a payment method. Through the new feature ‘Pay with Bitcoin’ users will be able to connect the user’s digital asset wallet with their Glance Pay account, through which they would be able to buy dollars with BTC.
So, all-in-all Bitcoin (BTC) is still improving its network and the keep prospect for the digital asset is to work on the transaction rate (cost per transaction), which is considerably high as compared to other altcoins and Bitcoin is working on it. We hope to see Bitcoin surge once again just like last year and that has been the trend of the crypto market. The ending of the month of November might be on the lowest side, but the future is expected to be much bright.
At the time of writing, Bitcoin (BTC) was trading with a price of just above $4000 with a market cap of $70 billion. The trading volume of the coin was around $6 billion. In last 24 hours, BTC has dropped up to 7%, which seems that Bitcoin (BTC) might end this month just under $3900 USD.