To put in simple terms, the past week was an all in one package for the original coin. Crypto community witnessed the rise and fall of Bitcoin. The coin suffered some serious injuries that are hard to recover from; the final week of the year was not a good one for the coin. Graph of the coin was adamant about not following any pattern. So many variations within the week, the coin reached its highest point just a few hours before the Christmas day and it stayed there for a little while. After that Bitcoin started to go down dragging all other coins in the market with it.
The coin started the week with a decent market cap and price and it was determined to reach a reasonably good place. The market cap of the coin was $70,274,946,204 when the week started and as usual, the coin had a fluctuating market ahead for the day. The coin reached the lowest point on the second day of the week, where market cap reached $67,185,607,037 and price dropped to $3,853.46. After that fall the coin gained some momentum in reaching the positive side of the graph. If you take a close look at the graph of the coin it will become clear that the coin was not able to maintain a stable path. There were a lot of ups and downs; the coin reached a high point after the fall on the second day. The rise resulted in the coin reaching a market cap of $69,237,915,660 but it didn’t last long. Before the second day of the week came to an end the coin went down again.
The next day started with a low not due to the previous day’s decline at the closing hours. The start may be on a low note but after that, the coin started its climb back to the throne; the coin gained some traction to hold on and was preparing itself for the days to come. The coin reached a market cap of $71,248,890,730 and price of the coin was hovering around $4,085.72. This was the push the coin was searching for, after that the coin was not ready to face any fall. The coin had a good climb and thus the coin finished the day with a reasonably high note, the coin had a market cap of $69,954,165,385 and price of the coin was at $4,011.31. Not a bad end for the day, the following day witnessed much improvement in the behaviour when compared with the previous days of the week.
The approaching holidays helped the coin in the week, a day before Christmas the coin witnessed a huge boost in value. The important point to note down was the stability after the spike, the coin reached a market cap of $74,501,235,070 and price was at $4,271.79. This was the situation where the coin was placed just a few hours before Christmas. The high point of the coin continued till the end of the day, there was no drop witnessed in the coin, after the sudden spike in the early hours of the day. This gave some hope for the crypto community. The day ended with a good note, the market cap was $71,650,427,052 and price of the coin was $4,108.10. When compared with the peak point of the day this was a drop but when compared with the previous performances this was a huge improvement.
If you have noticed the above graph then it is clearly visible that the coin started to go down, but on the day of Christmas, it was confirmed. The coin had a sudden fall in the early hours of the day; it caused the market cap and price to drop. The coin reached a market cap of $67,496,210,198 and price of $3,869.82 during the fall. It was clear from the drop that the coin is going to continue in the downward path, the coin went even further. During the midday of the day, the coin again went down. $65,688,071,543 was the market cap and price of the coin dropped to $3,765.90. As mentioned earlier the coin is planning on reaching new low points. A downward spiral resulting in the fall of the original coin, as the day ended the coin had a market cap of $65,827,477,503 and price of the coin was $3,773.84.
As a result of the previous day’s fall, the coin continued its downward trend in the following day also. During the initial hours of the day, the coin saw some positive outcomes in the market. A spike that happened during the midday helped the coin to reach a market cap of $67,914,937,864 and price of the coin was hovering around $3,893.36. This gave the coin the required foundation to reach further, the coin maintained the spike for a good amount of time but after that, the coin took a slide and reached a low point before coming to the end of the day. The lowest point of the coin was just hours before the day came to an end; this caused the coin to reach a market cap of $665,764,377,043 and price of the coin was floating around $3,769.86. When the day came to an end market cap of the coin was at $66,388,829,203 and price of the coin was at $3,805.59. A sudden turn of events for the original coin, the coin was back causing huge fluctuations in the entire market.
Final two days of the week showed some improvement in the coin’s condition. The coin was expressing stable behaviour throughout the previous day. The coin started the day with a market cap of $66,416,200,904 and price of the coin was at $3,807.17, in the initial hours of the day the coin showed some serious spikes in the graph and that helped the coin to maintain a decent graph throughout the day. The coin concluded the day with a market cap of $66,323,209,724 and price of the coin was at $3,801.38. The next day started with a huge slide, this caused the coin to take a deep dive. The deep dive caused the market cap to float around $63,609,350,091 and price of the coin was hovering around $3,645.71. It took some time for the coin to recover from the fall and the coin is trying its best to reach a good position. The coin gained some ground after the midday and at the time of writing the Bitcoin has the market cap of $64,003,745,293 and price of the coin was at $3,668.14.
All the coins in the market are affected by the fall of the king coin. Bitcoin should reach a good value; it is the hope of the entire crypto community. The rise of the entire market depends on the rise of Bitcoin value. With huge responsibility on its shoulders, the rise of the king can change the entire course of the crypto market.