Following more than a week of registering impressive gains, cryptocurrency Bitcoin losses a significant value in just 20 minutes. Bitcoin reached its peak price at about $11,000. This is a significant gain, especially since its price only hovers around the $8,000 mark for several months. On June 27, following the surge in price, Bitcoin dropped to just $10,000 in just 20 minutes. Within the span of 24-hours, the cryptocurrency sheds about 14 percent of its value.
The recent surge, and eventual tumble caused quite a stir in the financial industry. Binance, widely considered as the world's largest crypto currency exchanges, recorded more than $2 billion worth of transactions during this momentary spree. Huobi Global reported $1.4 billion in transactions over 24 hours, while OKEx reported transactions amounting to $1.4 billion during the same period.
Market analysts have noted Bitcoin's erratic change in value. While this is not entirely unusual, the massive amount of value lost within such a short amount of time has baffled many analysts. As of this writing, Bitcoin's price has stabilized. Although, experts predict that due to the coin's recent erratic activity, the market will react into it, which in turn will further affect its value.
TJM Institutional Services managing director Jim Iuorio told CNBC, "I said yesterday that as long as it stayed above $10,000, I still think it has some decent upside. Granted, I didn't know it was going back and test that $10,000 so quickly, but I still think I'm looking now for some sort of constructive pattern for it to go higher."
Bitcoin's recent activity saw its value surge by up to 200 percent. The coin's value reached a 17-month high on Wednesday before eventually scratch down late Thursday afternoon. It is important to note here that the Bitcoin lost about $3000 in value when Coinbase, a major trading platform for cryptocurrencies, experienced an outage.
Bitcoin was not the only cryptocurrency to drop in price. The combined market capitalization of all cryptocurrencies dropped by more than $46 billion throughout 24-hours. This is the biggest loss of market value since May 17. As Bitcoin's value fell, there are several alternative coins that saw a surge in their price.
The recent development only exhibited how volatile Bitcoin is in short-term trading. Regardless, the cryptocurrency continues to stabilize its price.
