Analysts say Bitcoin price drop to $30K was ‘healthy and necessary

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Analysts say Bitcoin price drop to $30K was ‘healthy and necessary’

The total cryptocurrency market cap fell by more than $200 billion as Bitcoin price dropped to $30,229 and altcoins correctly sharply.

The euphoria in the cryptocurrency market was quelled on Jan.11 as the majority of altcoins saw their prices decline by more than 20% as Bitcoin price sold off sharply.

After falling below the $40,000 support level on Jan. 10, selling pressure for Bitcoin (BTC) increased overnight and pushed the price of the top cryptocurrency as low as $30,229 before a soft support level was reached.

The rapid decline in price led to more than $2.7 billion worth of futures contracts being liquidated and the long candles on the Bitcoin price chart show that the cascade of liquidations occurred quickly as the price dropped from $41,000 to $32,229.

Dallas Mavericks owner Mark Cuban used the market downturn as no opportunity to point out that the cryptocurrency market is identical to the internet stock bubble from the 1990s.

Cuban said that “Watching the cryptos trade, it’s exaclty like the internet stock bubble,” but he added that Bitcoin, Ether, and “a few others” will likely follow the path of Amazon and eBay and continue to see their valuations rise. Read more...