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Bitcoin Takes A Dive After Swift Recovery From February Low

After bitcoin fell to around $6000 the 6th of February, the popular cryptocurrency had a swift recovery in the following 2 weeks. However, today the days of bitcoin rising more than 5% every 24 hours ended.

Bitcoin saw a high of $11957 the 20th of February but as investors started selling off some profits, another sell-off was initiated. Today bitcoin fell to $10479, a 12.3% fall which also dragged the entire crypto-market down. Litecoin suffered the hardest falling around 16.7% from its high of ~250 dollars two days ago. Litecoin’s drop is also affected by people dumping the coin after acquiring it just to receive the recent fork, Litecoin Cash. This market-drop obviously looks bad when looking at the 24 hour-change, but if we take a look at the price from its lowest point 2 weeks ago, this drop doesn’t seem so bad.

2018-02-22 01_07_28-Bitcoin (BTC) $10690.40 (-6.57%) _ CoinMarketCap – Google Chrome

Source: Coinmarketcap.com

Something interesting to look at in the mists of this red market is the market dominance of bitcoin. As you can see in the graph below, the bitcoin dominance rose from 33.53% to 39.57% in just two weeks. Some bitcoin enthusiasts theorize that a rise in BTC dominance is healthy for the entire market.

btc dominance

Source: Coinmarketcap.com

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