Seeing an unprecedented increase in value, followed by a catastrophic drop mere days later, Bitcoin has once again proved itself as one of the most volatile cryptocurrencies on the exchange.
The start of the month saw those sitting on BTC jumping for joy due to the currency propelling itself to a high of $19,464 on December 3rd. With the U.S. Dollar’s slump serving as a backdrop during the same period, many began to see crypto as a safer investment than fiat.
However, this uptick was short lived, with BTC crashing down to a concerning $17,630 mere days later. Although there’s since been some recovery for the world’s most well-known digital currency, this short-term turbulence has yielded much uncertainty for its future.
Andrew Tu, of crypto trading firm Efficient Frontier, attributed this fluctuation to “bullish exhaustion”, stating “After failing to break the all-important $20,000 psychological figure several times, having been held down repeatedly between $19,000 and $20,000 over the last two weeks, we are now seeing a correction for BTC.”, a sentiment echoed by many others in the field.
Bitcoin’s immediate future may be thrown into question due to recent events, but fortunately, this degree of uncertainty isn’t standard for all cryptocurrencies. Being entirely centralised, currencies like Dagcoin continue to grow in value with steady momentum. Ideal if you’re wanting to get started with digital currency.
To find out more about Dagcoin and the wider ecosystem, head here.
