Bitcoin Falls After Reaching $60,000 ATH During Weekend
-The world’s largest cryptocurrency, Bitcoin surged to a new all-time high on Saturday
-The crypto has since dropped by over 9% in the last 24 hours
-Major crypto analysts believe that the coin has the potential for more gains
Bitcoin has dropped by 9.2% in the last 24 hours. This happened less than a day after it reached a new all-time high of over $60,000.
At the time of this report, the flagship cryptocurrency is trading at $56,069 dropping much lower than $61,742 on Saturday.
BTC’s latest growth was driven by news of the COVID relief payments being made in the US.
Despite the latest setback, most analysts are upbeat about the rise of the cryptocurrency. The drop is regarded as nothing more than consolidation after a rally of that size.
Naija FM reported Bitcoin reaching a new all-time high on Saturday
Bitcoin is one of the digital currencies with the most backing from investors. Major firms like Tesla and Microstrategy have invested billions in the crypto in 2021.
A senior market analyst at Oanda Asia Pacific has said that he sees the potential for BTC to rally back to as high as $75,000 in a short time.
At the time of this report, BTC remains the largest cryptocurrency by Market Cap with a value of $1.05 Trillion.
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