On June 15, the cryptocurrency market experienced an important market correction as the worthiness of leading cryptocurrencies including Bitcoin, Ethereum, Ripple, Ethereum Classic and NEM sharply fell.In total, the cryptocurrency market lost around ₦5.8 Trn ($16 bln) in market cap, moving back off to ₦34.5 Trn ($95 bln) after achieving a historic milestone earlier this week by surpassing the ₦364 Trn ($100 bln) mark.
Cryptocurrencies, generally speaking, had a great run and maintained strong momentum in the last few months. Bitcoin, specifically, began for extensive media coverage from mainstream media outlets including the Wall Street Journal and CNBC. Traditional newspapers like the WSJ continuously featured Bitcoin on the front page, comparing Bitcoin price compared to that of gold and reserve currencies including the US dollar.
Only four days ago, Bitcoin price established a brand new all-time high of ₦1.09 Mln ($3,018). In just a week, Bitcoin price surged from around ₦837K ($2,300) to ₦1.09 Mln ($3,018). However, as observed in the trend of Bitcoin price dating back again to 2009, Bitcoin always had a small market correction after establishing its new all-time high and rising to a brand new peak. However, Bitcoin price frequently stabilized at an area higher compared to previous peak. For example, when Bitcoin price plunged from ₦982K ($2,700) to ₦691K ($1,900) overnight amid a small market correction, Bitcoin price established a brand new all-time saturated in the ₦1.09 Mln ($3,000) area.
Andreas Antonopoulos, Bitcoin and security expert, told the city that it’s important to think about the factors behind the surge of cryptocurrencies such as for example Bitcoin before evaluating the causes behind their fall. Antonopoulos stated:
Some of you are wondering “why are cryptos crashing like crazy?”Yet you didn’t ask “why are cryptos climbing like crazy?”
— Andreas (@aantonop) June 15, 2017
On May 28, Buy BitCoins In Nigeria revealed that the cryptocurrency market fell drastically and suffered a significant market correction as Bitcoin price fell from ₦982K ($2,700) to ₦701K ($1,926) After the original plunge, Bitcoin recovered beyond the last peak of ₦982K ($2,700) to ₦1.09 Mln ($3,000).
This pattern will repeat all the way to Bitcoin $100,000 and beyond… pic.twitter.com/o9Wj4reBtv
— Max Keiser (@maxkeiser) June 2, 2017
Bitcoin price is a routine which most investors dismiss. As seen throughout its history, Bitcoin price always recovered beyond its previous peak.