Bitcoin is about to have a major fall.
That’s according to data from market research firm CoinDesk.
The price of bitcoin has fallen by almost half in a matter of weeks, from a high of $13,000 on October 2nd to $7,800 on November 3rd.
Bitcoin is down by more than $1,000 from its peak in mid-December, when it hit a record high of over $16,000.
CoinDesk’s analysis of market data from CoinMarketCap.com, Bitstamp and Coinbase shows that bitcoin’s recent slide could make it the lowest price on record for a currency.
CoinMarketData.com data is a better indicator of the true value of a cryptocurrency, CoinDesk wrote.
Bitcoin has fallen $9,000 in just 24 hours, and this is the worst one-day drop for a cryptocurrency on record, CoinMarketCapital.com’s data show.
The previous low was on October 1, 2015, when bitcoin fell to $3,945.
However, this one-week drop is a far cry from the $40,000 decline that occurred in the first six months of 2017.
According to CoinDesk, the decline for bitcoin has been even sharper than the decline in the price of gold.
Bitcoin price and volume data shows that the price is falling by around 10% each day, CoinSavingExpert.com said.
The data also shows that as of this writing, bitcoin is down about 10% from its previous high of nearly $18,000, CoinShark.com noted.
While there is no shortage of bitcoin speculation in the cryptocurrency world, it is clear that bitcoin has lost its luster as a viable investment for most investors.
That is the reason why most people are buying into bitcoin, CoinSpark.io’s data shows.
CoinSparks.io data shows the bitcoin price is down more than 25% from the same point in 2017, while bitcoin volume has increased by 50%.
The reason why bitcoin is losing ground to other assets is because there is too much liquidity in bitcoin, said Anthony Di Iorio, the CEO of CryptoKitties.com.
Bitcoin offers a high level of security, but it has a low trading volume.
“You need to hold it for a long time to really appreciate its value,” Di Ioria said.
“I don’t think the average investor has the patience for holding a lot of money.”