The world’s most widely used cryptocurrency previously topped the $19,000 mark, nearly reaching its record-high prices from 2017. Meanwhile, Bitcoin’s market value has been estimated at $355.9 billion, surpassing previous records.
Bitcoin dropped to $16,933 on Thursday, losing almost one-tenth of its price, ultimately causing a downward trend for cryptocurrencies. Ripple’s XRP dropped 20.26% to $0.51 and Ethereum fell 13.16% to $500.8 after both also showed high results last week.
Bitcoin is just a decentralized online currency that’s not at the mercy of a central bank. It’s a built-in value because of a synthetic scarcity through its accumulation process called “mining “.
It has changed into a normal type of payment by many corporations, including AT&T, Overstock.com, Microsoft, and Twitch. In October, Bitcoin increased its price after PayPal announced that users would manage to buy, hold, and sell the cryptocurrency on the platform.