Bitcoin's Price Drops below $13,000 in About Five Days

In the past few days, the price of bitcoin has experienced a constant drop. Actually, the drop was so severe that the price of bitcoin has now reached the low of $13,000. This is definitely not good news for investors, even more so as in the past few weeks it has constantly been predicted that the price of bitcoin will continue to further increase by the end of the year.

The high price drop registered by bitcoin was mostly experienced on Friday, when the value of bitcoin decreased by 21%. In total, this month the value of the cryptocurrency dropped by 40%. The lowest price reached by the cryptocurrency was $12,191. The drop came from the value of about $19,500, where it previously stayed for a few days.

Several cryptocurrencies experienced price drops in the past 24 hours

Coinmarketcap revealed that not only bitcoin experienced a decrease in value. We can say the same thing about the two other popular cryptocurrencies, Bitcoin Cash and Ethereum. Both suffered some notable drops, of 38% and 26% respectively. Such as in the case of bitcoin, the highest decreases were experienced in the past 24 hours.

Given the latest developments when it comes to the price of bitcoin, some analysts have claimed that the whole situation was caused by the high demand for digital currencies and the limited supply. However, this high volatility of the bitcoin has also led to a certain degree of uncertainty on the market and many central banks have already warned investors of the risks of investing in bitcoin.

For instance, the Governor of the Bank of Japan has previously said that bitcoin does not function as a normal form of payment and it is actually being used for speculation. However, this does not mean that cryptocurrencies will not continue to attract investors. In fact, the interest in this market continues to be as high as ever.