On Wednesday morning, bitcoin’s price is little changed from its opening quote, trading at around $16,200 per coin, a gain of roughly 3%. For normal assets, a 3% move would be considered fairly substantial, but in terms of bitcoin, it is a drop in the ocean.
Here’s how the cryptocurrency looks at around 8.20 a.m. GMT (3.20 a.m. ET):
“Although the recent plunge frightened many bitcoin fans, when looking at the relatively short history of bitcoin trading, the price action seems just normal. During 2017 the cryptocurrency crashed by 30% or more six times. Every fall was followed by huge price appreciation until it peaked on 17 December,” Hussein Sayed, chief market strategist at FXTM said in an email a little earlier.
“Whether the Bitcoin bull market is close to an end or just pausing for a short break, remains to be a wild question for 2018.”
Sourced through Scoop.it from: www.businessinsider.com